SAN FRANCISCO — Monte Carlo, a company specializing in data reliability , has raised $60 milliion in Series C funding from ICONIQ Growth with participation from Salesforce Ventures and existing investors Accel, GGV Capital, and Redpoint Ventures – bringing total funding to date at $101 million. With this round, Monte Carlo plans to further develop its product offerings for customers and expand to new markets.
In 2021, the need for accurate, reliable data has never been higher. According to a recent report from Gartner, data teams spend millions of dollars per year and 40 percent of their time tackling poor data quality, a number only expected to increase as companies become more data driven. Simultaneously, data systems are becoming more complex, distributed, and decentralized, widening the gap for data downtime – periods of time when data is missing, erroneous, or otherwise inaccurate, at each stage of the data lifecycle.
Pioneered by Monte Carlo, Data Observability leverages the best practices and principles of automatic application observability and applies them to data pipelines, giving data engineers and analysts visibility across all data pipelines and data products. Simultaneously, Monte Carlo’s machine learning-powered platform provides data leaders and other data stakeholders with a holistic view of their company’s data health and reliability for critical business use cases.
“In partnering with both Snowflake, the category creator in cloud data warehousing, and Datadog, the leader in application observability, we have witnessed firsthand how the power of innovative approaches to longstanding problems can transform industries and improve business outcomes. The issue of data downtime has been around for decades, but Monte Carlo is innovating in data reliability, bringing data teams a powerful solution to truly solve this hundred billion-dollar problem,” said Matt Jacobson, General Partner at ICONIQ Growth. “We believe the potential impact of this technology is enormous and Monte Carlo is blazing the path forward for the Data Observability category.”
Since its $25 million Series B funding in February 2021, Monte Carlo says it has more than doubled revenue quarter-over-quarter, with an 800 percent increase in revenue year-over-year. Since the start of 2021 alone, Monte Carlo has brought on new customers across industries, including Intuit, Affirm, Fox, Vimeo, PagerDuty, and Zalora, among others. Additionally, Monte Carlo became the first Data Observability company to partner with industry leaders Snowflake, Looker and PagerDuty, bringing automatic, end-to-end data monitoring, anomaly detection, and field-level lineage to data teams everywhere.
“In 2021, it’s simply not enough to use data to drive accurate decision making and power digital products — you need to trust it, too. If you’ve been on the receiving end of bad data, you understand the pain: lost revenue, wasted time, and most importantly, lost confidence in data products. Once trust is lost, it’s hard to gain back,” said Barr Moses, CEO and co-founder of Monte Carlo. “As the industry leader in Data Observability, Monte Carlo solves this problem by enabling teams to accelerate the adoption of trustworthy, reliable data and stop bad data in its tracks — before it impacts the business. Our investment from ICONIQ Growth and other leading VCs signals the market confidence in our category and the need for a new approach to solving the very real problem of data downtime.”