Promethium Announces $2.5 Million in Seed Capital for its Context Automation Software and Solutions
–Promethium, a provider of self-service data governance and business intelligence (BI) analytics, today announced it has successfully closed a seed round of $2.5 million led by Zetta Venture Partners. The initial funding will be used for the commercialization of the company’s context automation platform built to reduce time and labor for analytics and to automate data governance to comply with the General Data Protection Regulation (GDPR) guidelines, as well as other regulatory frameworks evolving at a global scale.
“In the era of Big Data-driven BI and artificial intelligence (AI), data is one of the most valuable business resources, regardless of industry, with a potentially huge liability if data compliance and privacy standards aren’t met,” said Jocelyn Goldfein, General Partner, Zetta Venture Partners. “The largest enterprises possess sprawling data assets; they have much to gain and much to lose if they don’t understand the contents, context and relationships among those datasets. Promethium’s veteran founding team is poised to give enterprise data teams the insight to unlock the value of their data assets.”
As data volumes increase daily, the proliferation of data sources, applications, devices and users to manage that data has resulted in a complex, costly new norm for data analytics. In fact, one recent survey found that 90 percent of total cost of ownership (TCO) for BI solutions is spent on labor. The growing importance of data governance increases the urgent need for effective data analytics solutions as compliance requirements such as GDPR can penalize non-compliance as much as four percent of a company’s annual revenue.
“More than 300 vendors offer database or data warehousing solutions to manage the crushing growth in data demand, making it extremely difficult for enterprises to locate key data in this largely siloed data environment, and effectively impossible to apply traditional, manual methods for analytics and regulatory compliance,” said Kaycee Lai, CEO and Founder, Promethium. “With more data than ever to make sense of, and evolving, global regulatory requirements placing an extreme compliance burden on enterprises, Promethium is engineered from the ground up to provide instant visibility across the entire enterprise to allow governance and analytics go hand in hand.”
The team at Promethium understands that these unprecedented data volumes should not compromise a company’s ability to gain actionable insights, nor should silos created from heterogeneous data sources create an additional burden from a governance perspective. The Promethium team was founded to develop solutions to enable enterprises to finally realize the economic benefits of a single, fully automated BI and analytics solution without compromising on governance of that data.
Promethium is enabling enterprises to better control and leverage their data without compromising on variety, volume, or speed. Promethium connects to all types of data and sources to non-intrusively and automatically provide users with the context of the given data. That context can be leveraged for data governance reporting as well as streamlining accuracy and consistency in analytics/BI.