Paris-based actionable insights for data engineers and data consumers (isn’t that ALL of us?) platform Sifflet has raised €12 million in a Series A funding round. According to the company, the new capital will be used to accelerate its go-to-market plans in both the EMEA and US regions. Founded in early 2021, the startup raised undisclosed amounts in a seed round and non-equity assistance in November and May of that year, respectively.
The €12 million Series A round was led by EQT Ventures with existing seed round investors Bessemer Venture Partners and Mangrove Capital participating.
With every company becoming a data company these days, in one form or another, the question of trusting vast amounts of data comes into play, i.e. not all data is created the same. According to Gartner, poor quality data costs organisations on average $12.9 million per annum, with data engineers spending up to half their working days ‘fixing’ poor quality data.
“Every company is becoming a data company and investing significant resources to become data-driven. According to IDC, global spending on big data and analytics solutions reached $200 billion in 2021 and is expected to grow 12.8% over the next five years,” explained Sifflet CEO and co-founder Salma Bakouk. “But for companies to actually perceive an ROI on their data initiatives, data reliability is essential. This is where Data Observability comes into the picture, by allowing companies to achieve full visibility over the health status of their data assets and data pipelines.”
Where Sifflet fits into the data picture is that it doesn’t. Meaning, the platform is perched high above a data stack, observing the masses squirming below. From these heights, Sifflet is about to offer engineers a holistic view and thereby quality control mechanism of data assets, through automated monitoring and efficient root cause analysis and incident management.
“Companies that are investing in data and analytics are more likely to thrive in the current economic environment. As businesses scale their data initiatives, data environments become more complex and trust in data gets eroded. We have coined the term “data entropy” which refers to the chaos of dealing with high volumes of data. We built Sifflet to overcome data entropy,” added Bakouk.
The company counts Carrefour, BPCE, Nextbite, Shopback, and Adaptavist amongst its client base, and thanks in part to the fresh investment, plans to add many more across the EMEA and US markets in the coming months.