Israeli-founded data reliability startup Monte Carlo has raised $135 million in Series D funding from IVP, with participation from Accel, GGV Capital, Redpoint Ventures, ICONIQ Growth, Salesforce Ventures, and GIC Singapore, the company announced Tuesday.
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This round brings Monte Carlo's total fundraising to $236 million in a 20-month period, and Monte Carlo is the first data observability company to achieve unicorn status.
Monte Carlo's machine learning-powered platform provides data leaders and other business stakeholders with a holistic view of data reliability for critical business and data product use cases in near real-time.
Monte Carlo intends to use the capital infusion to continue improving experiences for its hundreds of customers, scale the data observability category to new verticals, and grow its US and EMEA go-to-market and engineering teams.
"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," said Barr Moses, CEO and co-founder of Monte Carlo. "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."
Moses and co-founder Lior Gavish are writing a book on data quality and observability, Data Quality Fundamentals, scheduled to be available for full release in September 2022. The first several chapters of the book are accessible for free here.
