Venture Capital News: Promethium Raises $6M in Funding
MENLO PARK, CA, Promethium announced it has raised $6M in funding. The round was led by .406 Ventures.
Augmented data management provider Promethium today announced it has raised $6M in funding. The round was led by .406 Ventures with participation from existing investor Zetta Venture Partners. In conjunction with the funding, Graham Brooks, Partner at .406 Ventures, has joined Promethium's Board of Directors. Promethium will leverage the funding to accelerate its go-to-market strategies and continued innovation of its Data Navigation System (DNS), which the company officially announced last October.
The ability to successfully leverage data for analytics has long powered such industry bellwethers as Google, Facebook and Amazon. While true real time analytics is now a strategic imperative for any data-driven business, significant cost, complexity and time barriers remain. With highly skilled data management expertise both costly and scarce, most enterprises don't have the manpower they need to overcome the long delays in the discovery, prep and assembly of data.
Powering Accelerated Time-to-Answers with NLP
Promethium is changing all of that. By automating 100% of the complex manual processes used to handle data as it's prepared for analytics, Promethium is helping some of the world's largest organizations accelerate their time-to-answers by up to 100x. The company's AI-powered DNS is the first solution to combine natural language processing (NLP) with self-service analytics, which together deliver the ability to translate questions from business users into data management functions that instantly assemble the data for analysts. Users simply ask a question in plain language, and Promethium locates the data, demonstrates how it should be assembled, automatically generates the SQL statement to get the right data, and executes the query. While organizations typically require months of complex manual labor to deliver data to the business unit requesting it, Promethium allows the business users themselves to automatically draw actionable knowledge from multiple data sources. With federated queries that run across all databases, data lakes and warehouses, Promethium provides fast and accurate answers within minutes instead of months (with sub-second query times), all while leaving the data in place.
Enabling Data-Driven Transformation
"The response we've gotten after officially launching our AI-powered Data Navigation System has been nothing short of phenomenal," said Kaycee Lai, CEO and Founder of Promethium. "Our customers are transforming themselves into data-driven powerhouses because we allow their non-technical business users to directly tap their organization's entire data estate and quickly deliver value back to the enterprise. This is what real-time data analytics was supposed to be about, and with Promethium, it's finally a reality."
In addition to dramatically accelerating time to data's value, Promethium automatically ensures all data is complete while identifying duplications and providing full lineage to confirm insights are trustworthy, making it easier to comply with government and industry regulations. This automated data exploration process takes the time from question to insight down from months to minutes, freeing up valuable resources inside an enterprise.
"As a thesis-driven investor, .406 Ventures realized that the manual work provided by data engineers was greatly slowing and reducing the impact of millions of business analysts. We have been searching for a solution that eliminates the friction preventing users from using analytics in real time to answer important business questions," said Brooks. "Promethium solves exactly that challenge and enables analysts to leverage full enterprise data across different schemas, database technologies and locations. We are very excited to partner with the Promethium team as they bring their ground-breaking technology to market."
Data Navigation System is offered as a SaaS solution in the public cloud, in the customer's Virtual Private Cloud (VPC), or as an on-premises solution. For more information and to request a product demo, please visit: www.pm61data.com.
Promethium is the first augmented data management provider to allow users to tap their organization's entire data estate for answers to questions asked in plainspoken language, eliminating the dependence on manual SQL scripting and increasing innovation cycle time by 100x. Promethium's AI and ML-driven contextual automation software delivers actionable insight within minutes instead of months (with sub-second query times) while ensuring all data used to deliver information is fully governed. Founded in 2018 and headquartered in Menlo Park, Calif. For more info: www.pm61data.com.
About .406 Ventures:
.406 Ventures is a Boston-based, early-stage, venture capital firm investing in enterprise technology companies in the Data and Cloud, IT Security and Digital Health verticals. .406 Ventures was founded in 2006 and has over $1B under management across six funds. The firm leads, or co-leads, first institutional investment rounds in market-changing companies and world-class operators, who move quickly and embody successful entrepreneurial DNA with their passion, creativity and endurance.
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