Meet The Israeli Spouses Whose Company Just Raised $16 Million To Fix Companies’ Inaccurate Data

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Data reliability platform Monte Carlo, which monitors and alerts for missing or inaccurate data, announced today that it has raised $16 million in a Series A round. The funding was led by Accel with participation from GGV Capital, with angel investors including former chief data scientist of the United States Office of Science and Technology Policy, DJ Patil. 

Barr Moses, cofounder and CEO, says that through her past work as VP at customer success platform Gainsight she realized that though companies were trying to become data-driven and were investing a lot of resources, the solutions to enable a smooth and error-free process weren’t quite there. 

“As companies rely on data to maintain competitive advantage, it is critical that the data is accurate and trustworthy,” Moses says. “Companies lose millions of dollars every year because of bad data and it is not getting the diligence it deserves.”

According to Moses, Monte Carlo has developed the methodology to identify when a company has bad data. The most common reasons for “good data gone bad “which leads to periods of time when the data is erroneous (or as Moses calls it “data downtime”) could be having a dataset that is supposed to be updated, but hasn’t been (a recent example includes the government accidentally spending $1.4 billion in sending stimulus checks to dead people), the data being incomplete, or someone having made a change in the data and the user not being aware of that. 

“Even though bad data can happen for millions of reasons and can break from many different root causes, there is a coherent set of methods that we can use to identify that,” Moses says. 

Monte Carlo, which was founded in 2019,  has grown its user base 150% month over month since January 2020 , and currently counts enterprises like Mindbody, Compass, Hippo Insurance, and Eventbrite as clients. 

Moses, a native Israeli, got interested in data while analyzing intelligence intel and commanding and training soldier platoons in the IDF Air Force unit. She went on to study computational sciences at Stanford, where she met MBA student at the time and fellow Israeli Lior Gavish. Gavish, who is Monte Carlo’s cofounder and CTO (and Moses’ husband), had previously cofounded cloud security provider Sookasa and sold it to Barracuda Network in 2016. 

Steve Loughlin, partner at Accel who led the round, says that they believe every company is going to be a customer of Monte Carlo over time or have a Monte Carlo-type solution.

“Data is going to be everywhere and the ability to make decisions quickly on that data is going to depend on it being reliable,” Loughlin says. “And if it’s not reliable, people are going to make mistakes, so having a data reliability platform is just such a natural part of the software stack and the evolution of where companies are going.”



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