Data reliability startup Monte Carlo raises $25M in Series B
Earlier this year, San Francisco-based data reliability startup Monte Carlo raised $25 million in Series B funding, led by GGV Capital and Redpoint Ventures. The new capital will be used to build more products and expand its workforce.
Monte Carlo helps customers monitor the inflow, quality, and lineage of their data, and alerts them to any issues that might arise. This is done by analyzing data ingestion, pipelines, and reports. It also tracks metadata for dashboards and reports.
Founders Barr Moses and Lior Gavish were struck by the lack of data integrity they found in their former roles at Fortune 500 companies. They set out to create a product that would help data analysts and data engineers monitor the health of their data. Using a data collector, Monte Carlo connects to data warehouses, data lakes, and business intelligence tools, and gathers statistics, metadata, and logs. The platform is designed to automatically detect the cause of data downtime. It then tracks and resolves data problems.
As a result, Monte Carlo has managed over 20 petabytes of data. It has offices in Canada and South America. In addition to its data collector, Monte Carlo uses artificial intelligence to learn the structure of data and detect divergences. In addition, Monte Carlo provides data engineers with an end-to-end view of data health. The platform also enables data teams to be stronger.
Monte Carlo will use the new capital to expand its services and enter new markets. The startup will also hire more people. As with many other startups, it has experienced rapid growth in the last year. It has raised $101 million to date. Several startups have raised their first rounds in the past year. These include Modern Health, Shape Security, and Kinsa.
Monte Carlo’s market is expanding as data analytics and big data become more common. Traders are willing to fund upstart technologies that are growing rapidly. They hope to get a share of the success early. This goes against the old school of thought when it comes to venture capital.
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