Import.io, a Los Gatos, California-based web data integration platform company, announced that it has raised $15.5 million in Series B funding. This round of funding will be used for accelerating global growth and expanding its product offerings to meet the needs of enterprises. Talis Capital led this round of funding. And existing investors IP Group, OpenOcean, Oxford Capital, and Wellington Partners also participated in this round.
As companies are becoming more “data-driven,” traditional solutions have become known for becoming unreliable, time intensive, and having poor quality. And as 90% of the world’s data has been created in the past two years, the demand for data-driven insights leveraging web data is going to continue escalating. And according to Opimas Research, total spend on web data integration is expected to hit $5 billion in 2019.
“Businesses around the world are losing trillions of dollars due to lack of timely access to high-quality data. In fact, IBM estimates that poor-quality data costs businesses in the U.S. more than $3 trillion annually,” said Import.io CEO Gary Read in a statement. “Import.io is committed to providing timely, high-quality data with little-to-no customer resource requirements. We empower our customer base of more than 800 companies to make business-critical decisions based on the data we provide every day; and we back that up with an aggressive service-level guarantee.”
IDC estimates that data professionals spend 75% of their time gathering and cleaning data. And the other 25% is spent finding insights from that data. Import.io’s platform empowers data professionals to prioritize securing the insights and analytics to drive business innovation and competitive advantage.
Over the last three years, Import.io launched hundreds of new product capabilities. And the company attracted more than 300 new customers across the retail, financial, and consulting sectors. Currently, the company delivers data to over 800 enterprise customers from millions of web sources.
“When we saw what Import.io was doing, we immediately understood the importance and recognized the game-changing capabilities of the solution,” added Talis Capital co-founder and managing partner Matus Maar. “We spoke to multiple Import.io customers who explained how important Import.io had become to their business and raved about the solution, support and quality of the data provided.”