Promethium Raises $26M Series A for Its Next-Generation Collaborative Analytics Platform for Business Users and Data Teams
MENLO PARK, Calif., Feb. 8, 2022 /PRNewswire/ -- Promethium, a next-generation collaborative analytics platform for business users and data teams, today announced that it has raised $26 million in a Series A round led by New York-based global private equity and venture capital firm Insight Partners, with participation from existing investors .406 Ventures and Zetta Venture Partners. The new round brings the Menlo Park–based startup's total funding to $34.5 million since its 2018 inception. Promethium will use the funding to scale new customer growth by building its sales and marketing efforts, and continuing to innovate its products which are already being used by leading enterprises around the world.
Promethium helps data and analytics teams work smarter so they can stay ahead of growing data volumes and business needs. Its groundbreaking patented data profiling technology reimagines data analytics by enabling more people to leverage data without having a deep technical understanding of the data infrastructure or waiting for data engineers. Unlike other solutions, there is no requirement to first centralize data with ETL, pre-build models or create reports. It is a true ad-hoc self-service data and analytics solution for everyone.
In 2021, Promethium was issued a patent for Natural Language Processing (NLP) automation - No. 11,074,252, (the '252 patent') titled, "Using Stored Execution Plans for Efficient Execution of Natural Language Question." In just one year, Promethium has been used to answer more than 16,000 business questions with data and has saved customers thousands of hours of data consolidation and data preparation.
"When I worked as a data analyst the workflows were slow and broken, and they still are today. There wasn't one single solution that made it faster and easier for everyone - technical or not - to leverage data. So, we built one, and now the workflow from question to data to answer takes minutes instead of months," said Promethium CEO and Founder Kaycee Lai. "We have always believed that making data easier to use will drive people to make more [better] data-driven decisions. This Series A investment will allow us to ramp up hiring on sales, marketing, product and engineering to fuel the number of enterprises using Promethium to create data-driven answers."
"Promethium is a next-generation collaborative analytics platform for business users and data teams. Their solution has the potential to reshape how organizations approach data analytics, by removing bottlenecks and freeing up overloaded resources," said Ganesh Bell, Managing Director at Insight Partners. "Insight anticipates Promethium will greatly accelerate its growth and ability to meet the data analytics needs of modern companies." Ganesh will join the Promethium board.
Promethium is used by enterprises to enable every employee to make data-driven decisions in real time without the technical complexity of data management. With Promethium, users can find data-driven answers by using intuitive natural language search. Unlike other solutions, there are no long implementations because 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. Answers in minutes instead of months. The company was founded in 2018 and is headquartered in Menlo Park, Calif. To sign-up now or for more information: www.pm61data.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.