CluedIn, the revolutionary Master Data Management Platform (MDM), announces a $15m Series A funding round.
The investment round was led by Dawn Capital. Also participating was Stijn Christiaens, Co-founder and CTO of Collibra as a strategic angel investor, and existing investors Nordic Makers. The capital will be used to continue building out CluedIn’s product, make key hires in sales, marketing and partnerships and drive further global expansion, particularly in the US.
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Founded in 2015 by CEO Tim Ward, CTO Martin Hyldahl, and CPO Pierre Derval, CluedIn streamlines the process of making data ready for insights, without compromising its fidelity or flexibility. CluedIn’s ‘data fabric’ sits between data source systems and applications to solve common pain points in data integration, governance, and management. According to Gartner, data integration (49%) and data preparation (37%) are among the top three technologies that organisations seek to automate by the end of 20221.
CluedIn has cracked one of the key complexities that has long plagued big data, enabling companies to realise its full, transformational power. Other data management providers ask customers to manually wire systems together into a predetermined schema. By contrast, CluedIn’s platform uses a graph database to automatically infer connectivity straight from the data source. This means that instead of spending months designing a schema of how data should fit together, customers can plug their desired data sources into the platform and immediately get a view of how the data fits together alongside a workflow to start drawing insights from it.
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Time to value is much quicker, eliminating the need for extensive planning. Scalability of the number of data sources is endless and, as the customer grows and brings on more data sources, the complexity of integration does not grow, with integrating source one as simple as source 1001. While 85% of data projects fail, CluedIn has a 100% success rate for customers.
Cluedin has received substantial recognition of its product by Microsoft and is listed as a ‘Recommended Architecture’ for data management on Microsoft Azure, plugging a critical gap for its enterprise clients. CluedIn was also named a Gartner ‘Cool Vendor’ in 2020, featuring as its fourth most searched-for MDM vendor and acknowledged for the way in which it has revolutionised data integration with a new and modern integration pattern.
The CluedIn platform is suitable for any large enterprise data integration use case. The business already has strong traction with tier one customers with extensive, complex data integration needs across sectors, for which it has formed deep integrations with providers including Snowflake, Amazon and Google. It has obvious application to industries under high levels of regulatory pressure such as financial services, where clients include Nordea and Saxo Bank. It also offers a compelling opportunity to industries which increasingly rely on a 360-degree view of the customer for product development, marketing or sales. Such clients include Pfizer in healthcare, SAP in software and Coca Cola in consumer industries, for which CluedIn powers all customer insights analytics.
CluedIn has been remote first since inception, with offices in Copenhagen, London, Brussels and Brisbane should its team wish to use them and best-in-class systems and tools in place to allow high quality collaborative work from anywhere. The company’s success to date, including its highly international customer base, is illustrative of technology companies’ potential to grow beyond borders before, during and after the pandemic.
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Tim Ward, CEO and Co-founder, CluedIn, said:
“It’s been a fantastic journey so far. We’re delighted to have gained the recognition of leading industry authorities and partners, and the endorsement of some of the most forward-thinking global customers. We can’t wait to use these funds to take CluedIn to the next level and to more customers globally who are looking for ways to unlock the value of first and third party data.”
Mina Mutafchieva, Senior Principal, Dawn Capital, said:
“The founding team at CluedIn has achieved something remarkable. Its incredibly strong tech team has developed a completely new approach to Master Data Management and the opportunity is vast, driven by the accelerating shift to cloud and ever increasing pressure for enterprises to deliver faster and better data access and insights. We’re looking forward to supporting Tim, Martin and Pierre as well as the wider team as they build on the exceptional impact they’ve already made on improving how businesses realise the value of data.”
Anne Marie Kindberg, COO & CMO, Microsoft Denmark, said:
“Perhaps it should come as no surprise given its area of expertise that CluedIn has integrated so well into working with us and our enterprise customers. The platform fits brilliantly within our offering and we’re excited by the level of demand we’re already seeing from all over the world. Data management is one of the key prerequisites for success in innovation in the coming years.”