Sanjay Agrawal and Shashank Gupta, co-founders of business intelligence company ThoughtSpot, say that a few years ago they noticed organizations struggling to cope with the growing amounts of data they were managing.
Even companies with powerful data analytics and orchestration tools seem to be struggling, Agrawal and Gupta say. Perhaps so: A Deloitte survey found that 67% of managers are uneasy about accessing insights from data analytics platforms, in part due to technology-related challenges.
“Everyone wants to be strategic, but current approaches keep companies stuck in firefighting mode while tackling routine, preventable operational and tactical tasks,” Agrawal told TechCrunch. “Companies need a modern approach to address their expanding roles and drive business success.”
And, as you all know, Agrawal and Gupta say they have developed exactly this “modern approach” and incorporated it into Revefi, a software-as-a-service platform they launched together in 2021 (a startup of the same name).
Revefi connects to enterprise data stores and databases (e.g. Snowflake, Databricks, etc.) and automatically detects and troubleshoots data-related issues while also suggesting ways to optimize these various resources.
“Revefi enables data teams to be more strategic and provide the right data to businesses at the right time and at the right cost,” Agrawal said.
Agrawal and Gupta claim that Revefi can help provide a unified view of a company's data operations and reduce storage charges by analyzing costs and quality across different providers. One customer was able to reduce the cost of its cloud data platform by 30% using Revefi, Agrawal claims.
“We replaced data observation and data quality products such as Monte Carlo, Acceldata, Anomalo, Informatica, and others, and won,” said Agrawal. A bold claim!
Asked how many clients Revefi currently has, Agrawal didn't respond, but he did reveal that several “big companies” are paying for Revefi's services, including a “$5 billion public security company” and a “$10 billion public data company.” (Perhaps it's interesting to note that Revefi lists ThoughtSpot in the case studies section of its website.)
Seattle-based Revefi closed a $20 million Series A funding round this week led by Icon Ventures with participation from Mayfield, GTM Capital and StepStone Group. The company plans to significantly expand its product and 30-person team over the next year. To date, the startup has raised $29 million.
“Enterprises are struggling with an explosion in the growth and variety of data, the proliferation and complexity of data tools, and out-of-control data spend,” Agrawal said. “We are benefiting from this. We are in a rapid growth phase and are hiring talent in AI, engineering, sales and marketing. We are agile, managing costs efficiently and taking a pragmatic approach to growth.”