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.
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