Founded in San Francisco, California, Monte Carlo is a business focuse on data visibility. Today, the company said it secured $60 million from Iconiq Growth, with support from Salesforce Ventures, Accel, GGV Capital, and Redpoint Ventures. The firm has now received a total of $101 million. According to CEO Barr Moses, the money will be use to bring in partners, increase the staff, and enter new regions. For instance, Asia-Pacific, Europe, the Middle East, and Africa.
A new Gartner analysis claims that data teams spend millions of dollars annually and 40% of their time dealing with poor data quality. Information systems are becoming increasingly complicated, distributed, and decentralized, which widens the window for data downtime or times when data is absent, incorrect, or faulty in some other way.
Moses, a former vice president of customer operations at Gainsight, and Lior Gavish, a former senior vice president of engineering at Barracuda Networks, cofounded Monte Carlo in 2019. When it comes to tools for locating and fixing infrastructure problems, both were struck by what they view as an ease-of-use issue: Although these technologies were publicly accessible, they did not provide a straightforward means of ensuring the accuracy of data passing via pipelines.
“It’s evident the data market has never been hotter, yet data teams still didn’t convince their data,” Moses told VentureBeat via email. “The industry’s eagerness for a resolution like Monte Carlo that would close this gap and restore faith in data is heightene by the “good pipelines, terrible data” conundrum.
We had just completed our Series A in September 2020 and Series B in February, so this fundraising was opportune, according to Moses. Most data-driven firms have an urgent need to establish data platforms since enterprises are going online due to the pandemic. End-to-end data observability at all stages of the data pipeline is require for this increased investment in data platforms and democratization of data across the enterprise, which Monte Carlo offers.