Secoda, a Toronto-based company specializing in AI-powered data search, cataloging, lineage, and documentation, has announced that it has successfully raised $14 million in a Series A funding round. The funding will be used to further enhance the company’s AI solutions, enabling enterprise users of all technical backgrounds to easily search, understand, and utilize company data. This investment brings Secoda’s total funding to $16 million and is led by Craft Ventures, with participation from Abstract Ventures, YCombinator, Garage Capital, and notable figures in the data ecosystem.
In today’s enterprise IT stack, organizations rely on a web of multiple systems designed for different tasks. While this structure is crucial for the efficient operation of the organization, it often creates a complex puzzle of disjointed data, with applications that do not communicate seamlessly and data that remains siloed. Consequently, employees face significant challenges when trying to access and answer data-related questions. They either spend time and effort searching across various applications or distracting the data team from their tasks to get the information they need.
To bridge this knowledge gap and simplify data management, Etai Mizrahi and Andrew McEwen launched Secoda in 2021. This all-in-one platform integrates with business intelligence and transformation tools, as well as data warehouses, to create a single source of truth for company data. Secoda also employs a ChatGPT-powered assistant, enabling users to write documentation and search the company’s unified data catalog using natural language queries.
The company’s unique approach provides not just information, but actual answers to user inquiries, similar to the experience of using Google. As a result, Secoda’s customers have reported significant benefits, such as a 40% reduction in inbound data requests, a 50% decrease in onboarding times, and a 90% reduction in the time spent on documentation by data teams. These time savings have proven to be invaluable for organizations.
With the recent funding, Secoda intends to strengthen its engineering team and conduct further research and development to enhance various aspects of its platform, particularly its AI capabilities. The company also plans to introduce Secoda Monitoring, a feature that helps data teams ensure the quality and accuracy of the consumed data. By providing users with insights into what assets are affected by changes, Secoda Monitoring helps reduce data quality errors. Additionally, integrating monitoring into discovery tools enables companies to track the operational efficiency of their data teams and identify potential cost-saving measures.
Over the past year, Secoda has experienced remarkable growth, expanding its customer base fivefold and managing over 100 million metadata resources, including tables, dashboards, columns, queries, and more. The platform currently supports integration with 36 popular data warehouses, business intelligence tools, and productivity platforms, including Snowflake, dbt, and Looker. In response to user demand and popularity, Secoda plans to continue adding more connectors to further enhance its integration capabilities.
Secoda’s successful Series A funding round of $14 million underscores the company’s dedication to revolutionizing data search and management through its AI-powered platform. By providing a user-friendly experience and enabling users to leverage their company’s data effectively, Secoda has established itself as a valuable tool for enterprises of all sizes. The company’s roadmap includes further innovation and expansion to meet the evolving needs of data teams and organizations in an increasingly data-driven world.
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