Anomalo – a complete data quality platform company – announced that it has raised $33 million in Series B funding, bringing the total raised to $72 million. The funding round was led by SignalFire with participation from strategic investor Databricks Ventures. Previous investors Norwest Venture Partners, Two Sigma Ventures, and Foundation Capital also participated in this round.
Anomalo also announced record demand for its industry-leading AI-powered platform that lets enterprises do everything from data observability for their entire data warehouse to deep AI-powered monitoring of the contents and quality of their data. In 2023:
1.) Anomalo had record growth, ending the fiscal third quarter with growth of 177% year-over-year in annual recurring revenue – a growth of nearly three-fold. And all in all, the company has grown its annual recurring revenue more than 15x since its Series A fundraise in 2021.
2.) Anomalo saw traction rapidly accelerate with larger enterprise customers – with Fortune 500 customers more than doubling in the third quarter alone. New customers added in 2023 include some of the largest financial services, insurance, retail, and technology firms. Some of the customers include some of the biggest brands like Block, BuzzFeed, Casey’s, Discover, Notion and The College Board.
Anomalo was founded by Elliot Shmukler, CEO, and Jeremy Stanley, CTO – who worked closely together at Instacart on data quality to help enterprises build confidence in the data they use to make decisions and build products. The duo launched Anomalo in 2021 with its robust platform that uses AI to automatically detect issues and understand their root causes before anyone else, enabling teams to resolve any hiccups with their data before making decisions, running operations, or powering models. Through the availability of metadata-based monitoring of the entire data warehouse, customers can also gain the peace of mind of knowing their entire data warehouse is covered broadly without incurring additional data warehouse costs.
Anomalo plans to use the new funding round to continue advancing its platform and to scale engineering and go-to-market teams to support the record demand for its platform.
KEY QUOTES:
“Data is critical to the life blood of enterprises and data quality problems are real. IDC research consistently shows that there is a lack of trust in data, with data management and improvement being a high priority investment as we enter into the era of AI Everywhere. Anomalo is differentiated in its AI-first approach to data quality. Anomalo automatically builds ML models for each dataset based on the history, patterns and structure of the data, and these models can spot when issues arise in the data, enabling pro-active data quality resolution which can result in improved operations, analytics and AI, leading to better business outcomes.”
– Stewart Bond, research vice president, Data Intelligence and Integration Software research at IDC
“The world increasingly runs on data with companies large and small investing in the technologies they need to become more data informed and to leverage the power of new technologies like Generative AI. As Jeremy and I suspected when we founded Anomalo, data quality has become an urgent issue in this new world. So it’s gratifying that Anomalo has become a key component of the data journey for such a diverse set of enterprise customers.”
– Elliot Shmukler, co-founder and CEO of Anomalo
“Anomalo develops a next-generation data quality management platform designed to help businesses and organizations catch potential data quality issues before they create problems in operational processes, data analysis tasks or business models. The Anomalo technology monitors enterprise data, automatically detects data issues and determines their root causes. That allows data management teams to resolve data quality issues before data is put into production. The platform makes use of machine learning to rapidly assess a wide range of data sets with minimal human input.”
– CRN’s Rick Whiting
“We have been tracking the data observability and data quality sectors for years and after speaking with customers and the leading software vendors, it was clear to us that Anomalo has the best product approach in the market, demonstrated by their rapid growth in 2023. As more and more businesses across industries adopt data analytics into core processes, it’s imperative that the underlying data is actually current and correct. Anomalo ensures that enterprise customers have the highest quality data.”
– Chris Scoggins, General Partner at SignalFire and new board director at Anomalo
“With data quality at the center of every organization’s data strategy, Anomalo has been a standout partner for Databricks and for customers leveraging our Data Intelligence Platform. Anomalo’s AI-powered monitoring and data observability capabilities make it easy for Databricks customers to ensure that trusted, reliable data is driving their business. This investment is an exciting next step for our partnership and we look forward to delivering more value for our joint customers in the future.”
– Andrew Ferguson, VP of Corporate Development and Ventures at Databricks
