bigeye Raises $45M to Revolutionize Data Quality Automation

Bigeye Secures $45 Million in Series B Funding

Bigeye announced a $45 million Series B funding round on Thursday, following a $17 million Series A funding secured only six months prior.

This new investment was spearheaded by Coatue, with participation from existing investors Sequoia Capital and Costanoa Ventures.

To date, the San Francisco-based firm has raised a total of $66 million, encompassing a previously secured $4 million seed round from May of the previous year.

Automated Data Quality Management

The company’s core technology provides automated recommendations and monitoring for data quality.

For instance, it advises customers on essential data metrics to track and proactively alerts them to issues, such as disruptions in ordering systems, before they escalate.

Rapid Growth and New Clients

Platform usage has experienced a doubling in each of the last four quarters.

The addition of prominent new customers, including Clubhouse, Recharge, and Udacity, prompted co-founders Kyle Kirwan and Egor Gryaznov to pursue another funding round.

Kirwan and Gryaznov initially connected while working at Uber, where they encountered similar challenges related to data quality.

CEO on Future Development

“Our initial goal was to address a problem we personally faced, but the level of demand exceeded our expectations,” stated CEO Kirwan in an interview with TechCrunch.

“Even during the Series A round, demand was strong, necessitating accelerated growth of our engineering team. We have a solid product foundation, but we aim to expand its capabilities, such as predicting and preventing data outages and improving communication to relevant personnel.”

Investment Allocation and Team Expansion

The new funding will be allocated to expanding the engineering, product, and go-to-market teams.

Currently employing 25 individuals, Bigeye intends to increase its workforce to 40 by year-end.

Shifting Focus to Data Communication

Initially focused on identifying critical data signals, Bigeye is now prioritizing solutions to facilitate communication between data teams and the broader organization when issues arise.

Kirwan intends to invest in accelerating root cause analysis to prevent future data outages.

The company is also exploring opportunities to leverage machine learning to automate repetitive tasks within customer workflows.

Coatue’s Involvement

Caryn Marooney, General Partner at Coatue, will join Bigeye’s board of directors as part of the investment.

Coatue was an early adopter of the platform, allowing Marooney to directly observe its capabilities.

Coatue’s Perspective on Bigeye

Marooney highlighted the team’s experience in scaling data-quality monitoring at Uber, their approach to improving data quality, and the caliber of their client base as key factors in her decision to invest.

She views data monitoring and observability as crucial components of the modern data stack.

Companies are increasingly relying on data for daily decision-making, necessitating a dependable system for data collection and utilization.

The Importance of Reliable Data

“Previously, inaccurate data simply caused dashboards to malfunction,” Marooney explained.

“Today, flawed data can severely disrupt business operations. Bigeye, developed by data teams for data teams, effectively addresses this reliability challenge for data-driven organizations.”