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Sanjay Agrawal and Shashank Gupta, who helped co-found the business intelligence company ThoughtSpot, say that several years ago, they observed that organizations were struggling to deal with the increasing amount of data under their purview.
Even enterprises with robust data analytics and orchestration tools seemed to be having a rough go of it, Agrawal and Gupta say. Maybe so. According to a Deloitte study, 67% of managers aren’t comfortable accessing insights from data analytics platforms, partly due to tech-related challenges.
“Everyone wants to be strategic, but current approaches keep companies trapped in firefighting mode, grappling with routine, preventable operational and tactical tasks,” Agrawal told TechCrunch. “Companies need a modern approach to address their expanding roles and drive business success.”
And, wouldn’t you know, Agrawal and Gupta say they’ve developed exactly this “modern approach” and built it into Revefi, a software-as-a-service platform (and startup of the same name) they co-launched in 2021.
Revefi connects to a company’s data stores and databases (e.g. Snowflake, Databricks and so on) and attempts to automatically detect and troubleshoot data-related issues, as well as makes suggestions as to how these various resources might be optimized.
“Revefi enables data teams to be more strategic,” Agrawal said, “and deliver the right data at the right time at the right cost to businesses.”
Agrawal and Gupta assert that Revefi can help accomplish things like delivering a unified view of a company’s data operations and decreasing storage bills by performing an analysis of cost and quality across different providers. One customer was able to reduce their cloud data platform costs by 30% using Revefi, Agrawal claims.
“We have replaced and won against Monte Carlo, Acceldata, Anomalo, Informatica and other data observability and data quality products,” Agrawal said. Bold claims!
Asked how just many clients Revefi has at present, Agrawal declined to say. But he did reveal that several “large enterprises” are paying for Revefi’s services, including a “$5 billion public security company” and “$10 billion public data company.” (Perhaps revealingly, Revefi lists ThoughtSpot in the case studies section of its website.)
Seattle-based Revefi, which this week closed a $20 million Series A funding round led by Icon Ventures with participation from Mayfield, GTM Capital and StepStone Group, plans to greatly expand its product and 30-person team in the coming year. To date, the startup has raised $29 million.
“Enterprises are struggling with the explosive growth in and variety of data, the proliferation of data tools and complexity and out-of-control data spending,” Agrawal said. “We’re benefitting from this; we are in a high-growth phase and are hiring AI, engineering, sales and marketing talent. We are agile, manage our costs efficiently and have a pragmatic approach to growth.”
