Third Point Ventures Leads Roundto Enable Enterprises to Unleash the Potential of the Modern Data Stack
Unravel Data, the first DataOps observability platform built to meet the needs of modern data teams, today announced that it has closed a $50 million Series D round of funding to accelerate the next generation of DataOps observability. The round was led by Third Point Ventures, with participation from Bridge Bank and existing investors that include Menlo Ventures, Point 72, GGV Capital, and Harmony Capital, bringing the total amount of funding raised by Unravel Data to $107 million.
The investment comes as large enterprises face the challenge of operating an overwhelming number of data pipelines that are being used for data products, advanced modeling, and business-critical reporting, and at a time where the complexity of data systems is heightened by the shift to multi-cloud strategies and burdened by over-provisioned environments. As a result, data teams are struggling to deliver data outcomes in the time-efficient manner required and effectively manage the limitless rise in cloud compute and storage costs.
Unravel Data will use the investment to extend the Unravel Platform to help connect the dots from every system in the modern data stack within and across the most popular data ecosystems, including Databricks, Snowflake, Amazon EMR, BigQuery, and Dataproc. As the number of systems and data pipelines escalate, an entirely new way to manage and optimize the data pipelines that support the real-time analytics ambitions of the data-driven enterprise is needed.
“The DataOps observability market is poised to explode as enterprises invest in building data products that increase customers, revenue, and efficiencies,” said Curtis McKee, Partner at Third Point Ventures. “We’re excited to partner with Unravel Data, as the company has paved the way and established a proven track record of success helping some of the world’s most recognized brands simplify their data operations so they can bring new data-driven innovations to market.”
“Data engineers and data scientists currently spend more than half their day debugging and troubleshooting issues on the thousands of data pipelines in their environment,” said Kunal Agarwal, CEO of Unravel Data. “Just as the DevOps market united the practice of software development and operations a decade ago to transform the application lifecycle, data teams require the same kind of full-stack visibility, automation, and actionable intelligence that meet their needs around data pipeline performance, cost, and quality.”
Founded by Big Data pioneers Kunal Agarwal and Dr. Shivnath Babu, Unravel Data was born from the realization that the exponential growth of data combined with the broad adoption of the public cloud would require an entirely new way to manage and optimize the data pipelines that support the real-time analytics ambitions of the data-driven enterprise. Numerous Fortune 100 companies, including two of the top five global pharmaceutical companies and three of the top 10 financial institutions in the world, rely on Unravel Data to gain unprecedented visibility across their data stacks, proactively troubleshoot and optimize their data workloads, and define guardrails to govern costs and improve predictability. Customers who have deployed Unravel have been able to double productivity of data teams and ensure data applications run on time, while being able to scale cost efficiently on the cloud.
“At 84.51 (a Kroger company), we leverage cutting-edge data science and advanced analytics to create highly personalized experiences for millions of consumers. Our ability to proactively monitor the performance, cost, and quality of our data pipelines is foundational to our mission,” said Jeff Lambert, VP of Data Solutions at 84.51°, the wholly owned subsidiary of Kroger, the largest grocery chain in America. “Unravel enables us to see across our entire data environment, enabling our team to quickly understand which workloads are running well and which ones are having issues, and make recommendations on how we can fix the problems.”
As part of the new funding, Curtis McKee, Partner at Third Point Ventures, will be joining Unravel Data’s Board of Directors.
To learn more about how Unravel Data is helping data teams tackle some of today’s most complex big data challenges, visit: www.unraveldata.com. DataOps teams can preview how Unravel supports a wide variety of daily observability challenges by viewing the new library of quick demonstration videos on YouTube here.
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