Secoda, a Toronto-based AI-powered platform for data search and management, has recently secured $14 million in a Series A funding round. With a mission to make data easily accessible and understandable for enterprise users, Secoda aims to revolutionize the way companies search, understand, and utilize their data. Led by existing investor Craft Ventures, the funding round also saw participation from Abstract Ventures, YCombinator, and Garage Capital. Notable leaders in the data ecosystem, including Jordan Tigani, Scott Breitenother, and Tristan Handy, also joined the round. This investment brings Secoda’s total to an impressive $16 million.
In today’s enterprise IT landscape, organizations rely on a web of systems designed for various tasks. While this arrangement enables efficient functioning, it often leads to fragmented data and disconnected applications. As a result, employees face challenges when searching for answers or insights related to the organization’s data. Tasks such as answering simple questions can become frustrating and time-consuming, ultimately hindering productivity. Recognizing this gap in knowledge access, Etai Mizrahi and Andrew McEwen founded Secoda in 2021 to address these challenges head-on.
Secoda offers an all-in-one platform that integrates with business intelligence and transformation tools, as well as data warehouses. By connecting to a team’s fragmented tech stack, Secoda creates a single source of truth for company data. The platform leverages ChatGPT-powered AI to provide users with the ability to write documentation and search their company’s unified data catalog using natural language queries. This powerful assistant not only gives users information but also provides answers, similar to the experience of using Google. Secoda’s platform has already demonstrated significant benefits for data teams, including a 40% reduction in inbound data requests, a 50% reduction in onboarding times, and a 90% reduction in time spent on documentation.
With the recent funding, Secoda plans to strengthen its engineering team and invest in further research and development to enhance its AI capabilities. The company aims to build out its platform, with a particular focus on the AI components. Additionally, Secoda will introduce Secoda Monitoring, a tool designed to help data teams ensure the quality and accuracy of the data they consume. By allowing users to understand which assets are affected by changes and reducing data quality errors, Secoda aims to enhance operational efficiency and cost savings for companies.
Impressive Growth and Integrations
Over the past year, Secoda has experienced rapid growth, expanding its customer base fivefold. The platform currently manages over 100 million metadata resources, including tables, dashboards, columns, and queries. In terms of integrations, Secoda supports 36 popular data warehouses, business intelligence tools, and productivity platforms, including Snowflake, dbt, and Looker. The company plans to continue adding connectors based on popularity and demand, ensuring seamless integration with the most widely used tools in the industry.
Secoda is at the forefront of transforming data management with artificial intelligence. By providing an intuitive and powerful platform, the company empowers enterprise users to easily search, understand, and utilize their data. With impressive funding and a growing customer base, Secoda’s future looks promising. As the company continues to invest in its engineering team and AI capabilities, it aims to revolutionize the way companies handle and leverage their data, ultimately leading to increased efficiency, informed decision-making, and significant time savings for data teams.
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