SAN FRANCISCO--(BUSINESS WIRE)--Monte Carlo, the data reliability company, announced $25 million in new funding to spearhead the emerging Data Observability category and help organizations achieve more reliable data.
This brings the company’s total funding to more than $40 million and the announcement comes shortly after their Series A financing, led by Accel. Redpoint Ventures, backers of Snowflake and Looker, and GGV Capital, investors of HashiCorp and Slack, co-led this round with participation from Accel. Monte Carlo is also backed by DJ Patil, the former Chief Data Scientist for the U.S., as well as top executives from Cloudera, eBay, Google and VMWare.
Today, the average company spends upwards of $15 million annually tackling Data Downtime, in other words, periods of time where data is missing, broken, or otherwise inaccurate, and 1 in 5 companies have lost a customer due to incomplete or erroneous data. While the industry is bullish on big data (think: Snowflake’s landmark IPO, Google’s acquisition of Looker, and Salesforce’s purchase of Tableau), there isn’t a comprehensive solution to ensure that your data is accurate and reliable at every stage of the data life cycle.
By applying the same principles of application observability to data, Monte Carlo’s Data Observability Platform fills this void as the first end-to-end solution that allows data engineers and analysts to seamlessly monitor the health and dependencies of their data assets across the entire data stack, from ingestion to analytics - all in one collaborative interface. Simultaneously, Monte Carlo provides CDOs and other data stakeholders with a holistic view of their company’s data health and reliability across critical business use cases.
“In 2021, data is a company’s most critical asset. As data pipelines become increasingly complex and companies ingest more and more data, often from third-party sources, it’s paramount that this data is reliable,” said Barr Moses, CEO and co-founder of Monte Carlo. “After talking to hundreds of data teams over the past few years, I was struck by the fact that organizations were investing millions of dollars and strategic energy in data, but decision makers and others on the frontlines couldn’t use it or didn’t trust it. Monte Carlo solves this problem by helping data teams unlock the potential of their data and finally trust it to deliver value for their companies.”
Category Creation, Customer Traction, and Company Growth
The enthusiasm around Monte Carlo and the emerging category of Data Observability is reflected by the short timeframe between the company’s Series A and Series B rounds. Monte Carlo doubled its revenue every quarter of 2020 and manages the reliability of over 20 petabytes of data for their customers. Monte Carlo is also the only SOC-2 certified Data Observability solution on the market today.
The company currently works with several Fortune 500 companies and is the leading Data Observability partner for the FinTech, e-commerce, media, B2B software, and retail industries, counting data teams at Compass, Eventbrite, Mindbody, and Hippo Insurance among their customers.
This Series B will allow Monte Carlo to continue to pioneer and lead the new Data Observability category, foster their fast growing community of users, and help organizations accelerate the adoption of data and analytics.
“With nearly every company relying on data to power decision making and fuel their competitive advantage, the market opportunity for Data Observability is enormous and Monte Carlo is the pioneer of this new category,” said Tomasz Tunguz, general partner at Redpoint Ventures. “Their growing roster of customers is validation of their vision for the future of data engineering and we’re excited to partner as they chart a new path for the modern data stack.”
“Monte Carlo is the first company to apply the tried and true software engineering principles of observability and reliability to data as a standalone layer on top of your existing data stack. I can’t imagine a data-driven company not using Monte Carlo to ensure trust in their data and the reliability of their entire data ecosystem,” said Oren Yunger, investor with GGV Capital. “While some companies attack various elements of the problem of bad data, Monte Carlo is the only solution that gives data quality the diligence it deserves. With their industry-defining technology, impressive list of customers, and world class team, Monte Carlo is not just the unequivocal market leader, but one of most important companies in today’s data landscape.”
Supporting Quotes
Companies Pioneering the Data Observability Category with Monte Carlo
Snowflake
“Snowflake is committed to helping companies unlock the true value of their data and analytics through the Data Cloud. As companies leverage more and more data sources and cloud data ecosystems scale to meet the demands of the enterprise, it’s important that data is reliable and accurate at all times. We’re excited to partner with Monte Carlo on their innovative vision for end-to-end data observability, giving teams the ability to trust their data across the entire data engineering life cycle and be supercharged by Snowflake,” said Benoit Dageville, Snowflake Co-founder and President of Products.
New Relic
“New Relic is committed to helping engineers create more perfect software and derive better insights through full-stack observability,” said Guy Fighel, GM AIOps & GVP of Product Engineering, New Relic. “In the same way, Monte Carlo’s approach to end-to-end data observability makes it easier for data teams to monitor and alert for abnormalities in their data pipelines so that they can unlock the true potential of data-driven decision making.”
Hippo Insurance
“Hippo is revolutionizing the modern home insurance industry, an effort that is only possible if the data we use to build our products and fuel our operations is reliable. Monte Carlo ensures data reliability through their robust data observability engine, giving us visibility into core pillars of data health. With Monte Carlo, I know that my data pipelines are in working order and my executives and partners can trust our analytics. Data downtime is a thing of the past,” said Neta Krakover, R&D Manager, Hippo
About Monte Carlo
As businesses increasingly rely on data to drive better decision making, it’s mission-critical that this data is accurate and reliable. Billed by Forbes as the New Relic for data teams and backed by Accel and GGV, Monte Carlo solves the costly problem of broken data through their fully automated, SOC-2 certified data observability platform.