Israeli-founded data reliability company Monte Carlo announced on Tuesday that it has raised $135 million in a Series D funding round.
The funding was led by US late-stage venture capital and growth equity firm IV, with participation from Accel, GGV Capital, Redpoint Ventures, ICONIQ Growth, Salesforce Ventures, and GIC Singapore.
With this round, Monte Carlo has raised a total of $236 million in a 20-month period, most recently announcing their Series C in August 2021 and a suite of new product functionalities to help data teams achieve more reliable data.
Monte Carlo intends to use the capital infusion to continue improving experiences for its hundreds of customers, scale the data observability category to new verticals, and grow its US and EMEA go-to-market and engineering teams.
Monte Carlo is now the first data observability company to achieve a billion-dollar valuation, becoming a data unicorn.
Founded in 2019, Monte Carlo is a software company that helps organizations increase trust in data by eliminating and preventing data downtime. The company’s platform uses machine learning to infer and learn a company’s data by using APIs to tap into data warehouses, data lakes, data operations and business intelligence. Monte Carlo’s Data Observability Platform works with on-premise and cloud services including Snowflake and Google Cloud BigQuery.
The company is headquartered in San Francisco, California with offices in Tel Aviv.
Over the past 20 months, Monte Carlo has grown from 20 to 120 people and raised four rounds of funding, signifying the exponential growth of the data observability market and the company at large.
“Over the past several years, companies across industries have gotten more bullish about data than ever before, investing in technologies like Snowflake and Databricks and hiring teams of engineers and analysts to build and scale data products that drive impact for the business. Still, it’s simply not enough to have data – it needs to be discoverable, accessible and reliable,” said Barr Moses, CEO and co-founder of Monte Carlo. “Monte Carlo created the world’s leading data observability platform to accelerate the adoption of reliable data while reducing time to detection and resolution for data downtime. Our customer traction and roster of great partners like Snowflake, Databricks and dbt Labs highlight the continued growth and maturation of the data observability category, as well as the industry confidence in Monte Carlo’s approach.”