UPDATED 08:00 EDT / FEBRUARY 08 2022

BIG DATA

Data fabric solutions startup Promethium raises $26M to scale up customer growth

Data fabric solutions startup Promethium Inc. announced today that it has raised $26 million in new funding to scale up new customer growth with additional hiring and build out its product.

Insight Partners led the Series A round, with 406 Ventures and Zetta Venture Partners also participating. Including the new funding, Promethium has raised $34.5 million to date.

Founded in 2018, Promethium is an augmented data management provider with an artificial intelligence-powered solution that combines natural language processing with automated data prep to deliver true self-service analytics. The company’s solution helps data and analytics teams work smarter so they can stay ahead of growing data volumes and business needs.

Promethium pitches itself as offering groundbreaking patented data profiling technology that reimagines data analytics. The aim is to enable more people to leverage data without having a deep technical understanding of the data infrastructure or waiting for data engineers. Compared with other solutions, Promethium’s offering has no requirement to centralize data first with an extract, transform and load or ETL process, pre-build models or create reports.

Enterprises use Promethium to enable employees to make data-driven decisions in real-time without the technical complexity of data management. With Promethium, users can find data-driven answers using an intuitive natural language search. There are no lengthy implementations because, in the company’s own words, “data is accessed where it is and does not have to be moved.” Users can connect data sources to Promethium and within minutes get data-driven decisions.

Notable Promethium customers include Hostess Brands Inc., CJ CheliJedang Corp., HealthEquity Inc., American Tire Distributors Inc. and eHealth.

“When I worked as a data analyst, the workflows were slow and broken, and they still are today,” Promethium co-founder and Chief Executive Officer Kaycee Lai said in a statement. “There wasn’t one single solution that made it faster and easier for everyone — technical or not — to leverage data.”

Lai added that given the issue is why Promethium was built. “We have always believed that making data easier to use will drive people to make more data-driven decisions,” Lai said.

Image: Promethium

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