Israeli-US data reliability company Monte Carlo has today announced the completion of a $135 million Series D financing led by IVP, with participation from Accel, GGV Capital, Redpoint Ventures, ICONIQ Growth, Salesforce Ventures, and GIC Singapore. This brings to $236 million, the total amount raised by the company. The round was completed at a valuation of 1.6 billion. The company has developed product functionalities to help data teams achieve more reliable data.
Over the past 20 months the company's workforce has grown six-fold to 120, and since its Series C announcement in August 2021, Monte Carlo has more than doubled revenue every single quarter and achieved 100% customer retention in 2021. Over the past six months, Monte Carlo has also brought in new customers, including JetBlue, Affirm, CNN, MasterClass, Auth0, and SoFi.
Monte Carlo was founded by CEO Barr Moses and Lior Gavish.
Moses said, "Over the past several years, companies across industries have gotten more bullish about data than ever before, investing in technologies like Snowflake and Databricks and hiring teams of engineers and analysts to build and scale data products that drive impact for the business. Still, it’s simply not enough to have data - it needs to be discoverable, accessible and reliable. Monte Carlo created the world’s leading data observability platform to accelerate the adoption of reliable data while reducing time to detection and resolution for data downtime. Our customer traction and roster of great partners like Snowflake, Databricks and dbt Labs highlight the continued growth and maturation of the data observability category, as well as the industry confidence in Monte Carlo’s approach."
Monte Carlo solves the costly problem of broken data through its fully automated, SOC-2 Type II certified Data Observability platform to ensure accurate and reliable data.
Published by Globes, Israel business news - en.globes.co.il - on May 24, 2022.
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