Join Transform 2021 for the most important themes in enterprise AI & Data. Learn more.
Rivery, a data management platform geared toward enterprises, today closed a $16 million series A round, bringing its total raised to date to over $22 million. The company says the funds will be put toward expanding the size of its workforce and growing its international footprint.
Enterprise data collection is expected to increase substantially over the next few years, but a chunk of data remains unleveraged, due to challenges in management and security. A Forrester survey found that between 60% and 73% of all data within corporations is never analyzed for insights or larger trends, while a separate Veritas report found that 52% of all information stored by organizations is of unknown value.
Rivery, which was founded in 2018 and has offices in New York and Tel Aviv, offers a fully managed, serverless product that lets teams ingest, extract, and transform raw data. The platform offers APIs and connectors that allow customers to automate orchestration in the cloud, from both in-house and third-party databases. The idea is to turn data into business-ready inputs inside data stores to power insights and analysis.
“Our mission is to give 100% of staff in organizations control over 100% of their data. In return, this gives teams the freedom to access the data they need to make incisive business decisions, whenever they need it,” cofounder and CEO Itamar Ben Hemo told VentureBeat via email. “By automating and streamlining data processes, we democratize access to data with operational efficiency that creates a single source of truth … Just like DevOps change the way businesses synchronize IT and development processes, DataOps will be essential to running an efficient data operation that is perfectly automated and connected to the business.”
With Rivery, organizations can build, test, and deploy multiple data models, as well as aggregating data from sources such as social media data lakes and on-premise datacenters. The opportunity cost of this data, if unused, is substantial. The aforementioned Veritas report pegged it at a cumulative $3.3 trillion in 2020. That’s perhaps why the global enterprise data management market is expected to surpass $136.4 billion by 2026, according to a Research Dive report.
Since launching in 2019, 40-employee Rivery says it has seen 500% growth with enterprise companies, including Bayer and the American Cancer Society. Hemo says the company’s annual recurring revenue stands at seven figures and is projected to reach eight figures within the next year.
In the near-term, Rivery plans to turn its focus to a feature called Rivery Kits, which is designed to give data teams access to ready-made machine learning models. Rivery Kits are predefined templates for common use cases that live under a marketplace. Hemo describes this as a repository of data model templates with pipelines, connections, and logic.
“[We have] hundreds of customers worldwide, ranging from data-driven tech unicorns like WalkMe or Riskified to established enterprises such as Bayer or American Cancer society … We’re also seeing increasing interest from finance and insurance companies and direct-to-consumer brands like NectarSleep,” Hemo said. “As a cloud-native company, Rivery works alongside all main cloud data warehouses with enterprise-grade solutions for businesses that need to unify, align, and automate all their data processes, ultimately to control and centralize the management of data flows.”
Entree Capital led the series A round in Rivery, with participation from existing investor State of Mind Ventures.
VentureBeat
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more
Source: Read Full Article