Secoda Raises $14M to Save Companies from Drowning in Data
TORONTO, Sept. 21, 2023 /CNW/ - Secoda, the only AI-powered modern data management platform, today announced a $14 million USD Series A funding round led by Craft Ventures, who led the company's seed round in 2021. Also participating in the round were Abstract Ventures, existing investors YCombinator and Garage Capital, and leaders in the data space including Jordan Tigani (CEO of MotherDuck), Scott Breitenother (CEO of Brooklyn Data Co.), and Tristan Handy (CEO of dbt). The new round brings the company's total funds raised to $16 million USD.
The investment will fuel further development of Secoda's generative AI solutions to allow any employee to easily search, understand, and use company data, regardless of their technical ability or familiarity with the data. Secoda already integrates with the most popular data platforms such as Snowflake, dbt, and Looker, with new integrations being released consistently. Over the last year, Secoda's customer count has grown by 5x, and the company manages over 100 million metadata resources (tables, dashboards, columns, queries, and more) for customers around the globe.
Company data is a disjointed puzzle at most organizations. Data teams often have large tech stacks, full of applications that are unable to communicate with each other, and years of legacy knowledge that is not documented. Secoda enables data teams to take control of their data sprawl and reliably scale their infrastructure, while managing a complex data ecosystem. Issues data teams commonly face, such as lack of observability, governance, and lengthy setup and integration periods, are mitigated when companies leverage Secoda.
"The explosion of data platforms over the past few years has led to a proliferation of data sources and assets. It has become increasingly important that companies not only have a full understanding of the lineage of their data from disparate sources but also harness their data to make more efficient and informed decisions," said Jeff Fluhr, co-founder and partner at Craft Ventures. "Secoda has built a powerful AI-powered data copilot for companies to do just that. The company's rapid growth is a testament to the strength of the team and their deep appreciation of their users' needs."
Secoda's AI Assistant combines the power of ChatGPT with the context of a company's data and metadata. Data teams can leverage the AI Assistant to dramatically reduce mundane work by writing intelligent documentation in seconds, answering questions from any user about a company's data and metadata, and automatically recognizing and tagging personal identifiable information.
"We are intensely focused on addressing the foundational challenges of search in data, and generative AI is enabling us to move even faster than we expected," said Etai Mizrahi, co-founder and CEO of Secoda. "Secoda is leveraging AI to help data teams manage complex data stacks while saving a substantial amount of time and resources. Our customers have been able to automate up to 40% of their most common data requests, cut down onboarding time for analysts by 50%, and reduce time spent on documentation by 90%. We plan on continuing to expand the functionality of Secoda AI and supercharge the efficiency of data teams."
Data teams at companies including Panasonic, Clover, Cardinal Health, Kaufland, and Vanta, use Secoda to automate data discovery, documentation, and take the grunt work out of their day. When Kaufland e-commerce experienced triple digit growth in active data users, they needed a system to make data discoverable in order for it to be used efficiently. Richard Hondrich, Head of Data and Analytics at Kaufland shared how the team used Secoda to automate data governance across over 15,000 tables: "The issue with most data catalogs is their limited functionality and inability to fit nicely within workflows. It's a chicken and egg problem - if the data is not kept up-to-date, then the ecosystem will not be used. Secoda allows us to incorporate data governance into our existing processes without getting in the way."
To learn more about how Secoda can bridge the gap between data teams and the rest of the company, sign up for a demo of Secoda at [www.secoda.com].
SOURCE Secoda
Dexter Chu, [email protected]
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