Data is useful for any business in any field, to the point that it can be the difference between success or failure. Moreover, it can power breakthroughs, making it a vital resource. That is where Snowplow comes in, with the company helping others create the data they need in their own cloud. The rich data provided by Snowplow can then be used to power advanced analytics and artificial intelligence (AI) for any purpose. Read on to learn more about Snowplow and its plans for this round of funding.
LONDON–(BUSINESS WIRE)–Snowplow, the world’s leader in Data Creation, today announced $40 million in Series B funding led by global venture capital firm, NEA, whose prior investments include Databricks, Cloudflare, and DataRobot, and continued support from existing Snowplow investors, Atlantic Bridge, and MMC. To date, funding raised totals $55 million. The new infusion of capital will allow Snowplow to grow its team, accelerate support for an ever-increasing set of data types, and scale internationally.
Today, over 10,000 companies including Strava and Software.com use Snowplow to create data to power transformative AI and advanced analytics directly from their data warehouse, lake or steam in real-time. With Snowplow, data teams have access to rich behavioral data that is created, modeled, and fit for the data application they are building, allowing them to focus on driving value rather than spending time finding, cleansing, and preparing data for analysis.
As companies adopt AI and ML in more parts of their business, there is an increasing need for high quality, well structured, predictive, and well-understood data to power those algorithms. Traditional approaches, where companies repurpose existing data, have proved expensive and brittle. Snowplow was founded to address this challenge with a unique approach: enabling organizations to deliberately create better data for AI and advanced analytics, driving improved AI performance, faster time to value, and better compliance.
“Snowplow was built to solve the need for predictive, behavioral data to drive decisions, insights in a privacy conscious and scalable way,” said Snowplow CEO and Co-Founder, Alex Dean. “Snowplow places the power of behavioral data into the hands of the teams that need it most, directly into their existing data infrastructure.”
Snowplow uniquely creates data directly into a customer’s Data Warehouse or Lakehouse combining with data from external systems to create a Universal Data Language. This Universal Data Language is specific to each business, and allows for dramatically reduced time spent in data preparation. Significantly improving performance for Machine Learning and Analytics use cases. All of this is brought together as part of Snowplow’s Behavioral Data Platform.
Common use cases for Snowplow include:
Advanced Analytics for modeling customers behavioral data across multiple points of engagement from web, mobile, point of sale, sales data, and customer support to create a dataset that provides companies with the most accurate view of customer behavior and marketing attribution. Snowplow’s approach to pipeline deployment, first-party tracking, and anonymous tracking provides significant advantages over traditional analytics tools such as Google Analytics.
Composable CDP and Customer 360 – Behavioral data creation is the underlying foundation of the Composable CDP, providing a true single customer view and a platform to power personalization at scale. Compared to off-the-shelf CDPs, composable CDPs are built on a business’s single source of truth, the warehouse or lake and built with best-in-class data tooling.
AI/ML Model Creation becomes more efficient by eliminating data wrangling. Snowplow delivers real-time, AI-ready data to your warehouse or lake, ready to train data models. With every data point validated up front against a user-defined schema, there is full assurance that data is in a highly expected format at a consistent level of granularity to create accurate model predictions.
Software.com sought a way to describe how developers work together and then apply this to enable great developer efficiency. Software.com leverages Snowplow for its ability to track event data from multiple sources across its platform and support systems and deliver it all in a single, consolidated format. All data entering the warehouse has been validated and adheres to a unified format. Using Snowplow, Software.com’s data stack now passes data from collection to analysis in roughly 20 seconds—hours ahead of the closest competition. Thanks to this, Software.com’s user base has grown 250%.
Other Noteworthy Snowplow customers and adopters include:
“AI is one of the largest opportunities in technology, but in order to maximize the return on AI and advanced analytics initiatives, organizations need better data that they have full control over,” said Tony Florence, Managing General Partner, Technology, NEA. “Snowplow is pioneering the Data Creation category with a developer-first platform that allows any company to create and consume AI-ready data as if they were Amazon or Netflix.”
Alex Sharata, Senior Associate, NEA added: “We were impressed by Snowplow’s traction with the open source community as well as the company’s ability to deliver value to large enterprise customers, such as Autotrader, Flickr, Strava, and Zenefits, among others. We’re thrilled to partner with Alex Dean, Yali Sassoon, and the Snowplow team as they continue to create and operationalize data at scale for teams across the globe.”
Snowplow’s pioneering technology has led to awards, winning ‘Best Attribution Solution’ at The Drum Awards for Digital Advertising 2022, and ‘Data Tech Deployment of the Year’ at the Data Breakthrough Awards 2022.
Snowplow generates, enhances and models high-quality, granular Behavioral Data, ready for use in AI, ML, and Advanced Analytics applications. When integrated with other tools from the modern data stack, Snowplow can power a wide variety of advanced data applications, allowing organizations to drive significant business value with behavioral data. Data applications built on top of Snowplow include composable CDPs, first-party digital analytics and ML-powered churn reduction for subscription businesses. For more information on Snowplow, follow us on LinkedIn, Twitter or Instagram, or visit us on GitHub.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s track record of investing includes more than 260 portfolio company IPOs and more than 430 mergers and acquisitions. www.nea.com
The original press release can be found on Business Wire.
This post was last modified on June 30, 2022 4:27 pm
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