Secoda, a startup specializing in AI-powered data search and cataloging, has secured $16 million in a recent funding round led by Craft Ventures. Other participants in the round include Abstract Ventures and various angel investors. The funding brings Secoda’s total raised to $18.3 million and will be used to enhance the company’s engineering efforts, invest in research and development, and develop cutting-edge development tools.
Secoda, a startup focused on data cataloging, has raised
6 million in funding to strengthen its engineering efforts and invest in research and development. The company aims to simplify the process of finding, understanding, and using data by offering an AI-powered platform.
Addressing the Challenge of Data Management
Secoda’s mission is to make the experience of finding, understanding, and using data as easy as a Google search. The founders of Secoda, Etai Mizrahi and Andrew McEwen, were inspired to create the platform after experiencing the difficulties of using and analyzing data while working at GenM. They found that a lack of documentation and process around managing data knowledge made it even more challenging.
In many organizations, data management can be complex and inaccessible, leading to a lack of understanding among business leaders. According to a report from Salesforce, 41% of business leaders lack an understanding of their employer’s data because it’s too complex or not accessible enough. Secoda aims to solve this problem by integrating with business intelligence, data transformation tools, and databases, and applying AI algorithms to provide a single source of truth for company data knowledge.
How Secoda Works
Secoda creates a map of the information stored across different applications in a company’s tech stack. This enables users to see how data is connected across previously disjointed apps. These “lineage maps” also allow data teams to track changes made to a company’s data and understand the impact of those changes across the tech stack.
Secoda differentiates itself by investing in AI technology. The platform automatically generates documentation and queries from a company’s metadata, simplifying the process for users. It also leverages OpenAI’s AI-powered chatbot, ChatGPT, to answer natural language questions and search across metadata.
Growing Revenue and Future Plans
Secoda has experienced significant growth, with revenue increasing more than 250% year-over-year last year. The company’s customer base includes Remitly, Too Good to Go, Babylist, and Y Combinator, who is also an investor.
In the near future, Secoda plans to introduce a monitoring capability that will allow users to assess the quality of the data being consumed by the platform. This will provide users with insights into asset changes and help reduce data quality errors. Additionally, the monitoring capability will allow teams to track operational efficiency and costs generated by the tools in a company’s tech stack, enabling cost savings.
With its recent funding, Secoda is poised to further expand its data cataloging platform and continue to provide businesses with a solution to their data management challenges.