Datalogz, the pioneer in ending BI sprawl for data-mature organizations globally, announced that it has secured $5 million in funding, led by GreatPoint Ventures, with participation from Graphene Ventures, Squadra Ventures, Berkeley Skydeck, Defined, Mana Ventures, and Trajectory Ventures. This significant milestone brings the startup’s total fundraising for 2023 to just under $8 million.
The strategic investment propels Datalogz’s mission to end business intelligence (BI) sprawl at every data-mature company. This is a problem that happens as data adoption increases. Many companies are using multiple business intelligence platforms, leaving them with thousands of dashboards, while increasing the complexity and volume of data, reporting, and analytics. This results in duplication, unused dashboards, security risks, and inefficiencies. Datalogz raised a previous round of funding earlier this year, and, and delivered successful pilots with some of the largest public companies in the world. Now, with increased resources, proven success, and top talent, the company is well-positioned to support every data-mature Fortune 500 company.
About 70% of companies have three or more business intelligence platforms, such as Power BI, Looker, Qlik, or Tableau. The BI sprawl that inevitably comes with this report proliferation is overtaking data mature organizations. What if an organization has the same KPI being reported in twenty different dashboards with slightly different calculations? Unfortunately, this is the reality for most data-mature organizations. This leads to wasted compute, but more importantly could result in major business consequences, as costs, risk, and labor efforts rise exponentially.
GreatPoint Ventures, the lead investor in this round, is renowned for its strategic investments in early-stage companies with groundbreaking potential. Based in San Francisco, GreatPoint Ventures has a history of backing ventures that redefine their respective industries. They have an exceptional team with a formidable track record, including industry leaders such as the previous President and COO of Oracle, Ray Lane, and former U.S Chief Data Scientist, DJ Patil.
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Patil comments, “There is good and bad news in today’s modern data world. The good news is that allowing broader access to data inside the company has been critical to drive efficiencies and enable innovation. The bad news is that we now have BI sprawl. Too many dashboards that were created that no one looks at and a lack of monitoring of who has access to sensitive data in those dashboards. Companies are paying for services that they aren’t utilizing. Worse is that all these orphaned dashboards increase the load on the data warehouse which means more cost and slows down access to the data. Datalogz is the only solution out there to manage the bloat of today’s BI solutions and make sure the right people are accessing the right data.”
“At GreatPoint Ventures, we are excited about the transformative potential of Datalogz in the BI space,” said Gautam Krishnamurthi, a Partner at GreatPoint who is now joining Datalogz’s board. “Similar to how antivirus software prevents ransomware, phishing, and more, Datalogz eliminates BI sprawl and the governance, reporting, and cost issues that come with it. Their approach to remove BI sprawl is not just innovative; it’s necessary for the future of data management in large organizations. The Datalogz team has impressed us with their in-depth understanding of the problem space and industry, and we are thrilled to back them in this round and beyond.”
Datalogz’ solution creates the guardrails that make enterprise-wide BI initiatives successful by preventing BI sprawl and safely enabling self-service analytics. Datalogz plugs into the metadata and logs of BI platforms to instantly identify and automate solutions for critical issues that BI admins, CDOs and CIOs face every day, such as duplication, misreporting, inefficient queries, odd behavior patterns, and wasted computing costs.
Datalogz’ clients on average see at least a 30% reduction in BI-related costs and over 4,000 hours saved annually. More importantly, they see significant risk reduction in areas such as governance, data security, and misreporting.
“Partnering with Datalogz has opened up another dimension of value capture for us in the BI space by giving us an unprecedented level of clarity and control over our BI environment,” said Luke Rouquette, the Director of Data Analytics at the American Bureau of Shipping.” This control often does not exist in a data mature organization’s BI environment, thereby leading to a lack of trust by those consuming data reports.
This investment marks a new chapter in Datalogz’s story. Logan Havern, CEO of Datalogz says, “This funding is a game-changer for us at Datalogz. It is not just an investment in our company; it is a testament to the transformative power of BI Ops and the need from every large enterprise. With this support, we are poised to revolutionize how organizations handle their data, turning complex environments into streamlined, efficient, and actionable insights. We are thrilled to embark on this journey and redefine BI administration.”
Now, the team is focused on scaling operations and accelerating the adoption of BI Ops in data-mature enterprises globally. In an era where analytics is king, Datalogz stands as a beacon, guiding data-mature organizations through complex BI ecosystems by helping them harness the full potential of their BI assets in tools like Power BI, Tableau, Qlik, and Looker.
Datalogz will use the funding to amplify the impact of ending BI sprawl, where demand from Fortune 2,000 companies has been staggering. With that, the focus will be on expanding the engineering, product, and sales teams, thereby enhancing the company’s capacity to innovate and deliver cutting-edge BI solutions. This expansion is not just about growth in numbers, but also about enriching the talent pool with expertise that can drive Datalogz to new heights.
Datalogz is moving at a remarkable pace to build and iterate a product that is now being used by some of the world’s largest data organizations. As a young company, it puts a priority on being agile, and incorporating product feedback from customers and partners.
Building on the company’s $2 million seed round earlier this year, Datalogz received support from new and existing investors.
“Datalogz is outrunning the ambitious milestones set when we invested nine months ago, and we’re thrilled to continue to support them as they pioneer BI Ops,” said Guy Filippelli, Managing Partner of Squadra Ventures. “The company has assembled a world-class engineering team that built successful BI integrations, while making tremendous progress in their go-to-market strategy having closed major customers. Logan, Pablo, Tina, and the team are gritty, driven, and deeply committed to reducing costs, increasing trust and improving visibility in Fortune 500 data environments.”
SOURCE: BusinessWire