Promethium Nabs $26M to Spark Analytics Growth
Analytics platform Promethium announced it has raised $26 million in a Series A funding round, bringing the company’s total funding to $34.5 million since its 2018 founding.
Promethium plans to use the funds to scale new customer growth with sales and marketing, along with continued innovation and engineering of its data analytics and management platform.
The Promethium platform’s data profiling technology is based on natural language processing (NLP) automation, a technology for which the company was issued a patent in 2021. Its NLP automation is an AI-powered context engine that allows users to “simply ask a question,” and according to the company’s website, “Promethium then automatically locates the data, provides instructions on how to assemble that data, reveals the quality of the data and even displays the SQL statement, dramatically reducing the time and costs associated with manual data analytics.”
Promethium asserts this process takes only four minutes or less and works by connecting to all of an enterprise’s data sources and abstracting metadata to infer name, meaning, location, and relationships across these data sources. It then leverages automation, machine learning, and AI to automate the mapping of natural language to the data and its intent.
Many different types of users with varying technical savvy, including those in marketing, operations, finance, or general business users can utilize the platform’s natural language search function to ask a question. The platform then finds relevant data in an answer format while allowing for peer review, favoriting, and filtering of results.
Data analytics teams and engineers can use the platform to find, verify, assemble, query, and visualize data in order to provide answers to users’ inquiries. Promethium claims it is a true ad-hoc, self-service solution because there is no need to centralize data with ETL beforehand or to pre-build models or create reports. By accessing only metadata, data does not need to be moved and can be queried in place by any visualization, BI, or machine learning product. Changes can be made quickly and will instantly update the query.
Promethium’s platform is gaining attention. The company boasts a list of awards, including CRN Emerging Vendors (2021), IDC Innovator, and the AI Excellence Award (2021). It has partnerships with Starburst, Snowflake, AWS, Tableau, and others. The company says that enterprise clients are its main userbase, especially those in the financial services and insurance industries, but it also notes that businesses in any data-heavy industry can benefit from its platform.
“When I worked as a data analyst the workflows were slow and broken, and they still are today. There wasn’t one single solution that made it faster and easier for everyone, technical or not, to leverage data. So, we built one, and now the workflow from question to data to answer takes minutes instead of months,” said Promethium CEO and Founder Kaycee Lai.
This latest Series A round was led by New York-based global private equity and venture capital firm Insight Partners with participation from existing investors .406 Ventures and Zetta Venture Partners.