Paris, 21 March 2023: Sifflet has successfully closed a $12.8M million Series A funding round led by EQT Ventures, with participation from existing investors. Sifflet raised a Seed round in November 2021 led by Mangrove Capital Partners (Yannick Oswald) with a participation from Bessemer Venture Partners (Alex Ferrara). Sifflet was built by former finance and data professionals to help businesses build trust in their data. Sifflet's platform sits above the data stack, providing a 360-degree oversight of the data assets, allowing automated quality monitoring and efficient root cause analysis and incident management.
Salma Bakouk, CEO and co-founder, explains, “Every company is becoming a data company and investing significant resources to become data-driven. According to IDC, global spending on big data and analytics solutions reached $200 billion in 2021 and is expected to grow 12.8% over the next five years. But for companies to actually perceive an ROI on their data initiatives, data reliability is essential. This is where Data Observability comes into the picture, by allowing companies to achieve full visibility over the health status of their data assets and data pipelines.”
Sifflet collects information across different compartments of the data stack, from ingestion to application, and has an automated near real-time monitoring of the data, metadata, and pipelines, alerting the businesses to anomalies. Data engineers and data consumers can then leverage the end-to-end field-level data lineage automatically computed and updated by Sifflet to conduct thorough root cause analysis and scope issues as well as study the downstream dependencies for incident management and post-mortem.
Wissem Fatallah, CPO and co-founder, explains, “We are on a mission to reduce Data Entropy, solving a pressing and increasingly costly pain for any modern data organization. While continuing to invest in our Full Data Stack approach, quality monitoring, and troubleshooting capabilities, we will also expand our product coverage to additional technologies and uses cases to deliver data reliability to all data stakeholders, technical and non-technical. "
Wajdi Fathallah, CTO and co-founder, explains, “The biggest data-driven company challenge is turning big, low-quality data into small, high-quality data sets. At Sifflet, thanks to our full stack and end-to-end approach, our mission is to help them observe this process and trust it. As we move forward, we remain committed to innovating and delivering exceptional value to our customers.”
The $12.8M Series A financing will help Sifflet ramp up its go-to-market efforts in EMEA and the US and continue to invest in product and engineering. Less than a year after the public launch of its Data Observability solution, Sifflet has carved out a leadership position being referenced in four Gartner Hype Cycles and working with customers in US, EMEA, and APAC such as Carrefour, BPCE, Nextbite, Shopback, Adaptavist. Sifflet will use the funds to further invest in the Full Data Stack Observability approach that it pioneered and continue to help data teams across the world tame the entropy within their data platform.
EQT Ventures Partner, Carl Svantesson said: “We look to back category leaders – Sifflet has carved out a new category in the data infrastructure space, observability. As a data-driven investor, we are fully aligned that businesses will continue to invest in data solutions to drive performance, but without being able to trust and rely on the inputs, the outputs are pointless. Sifflet will allow companies to trust their full data stack once again – an offering we see as highly attractive.”
Yannick Oswald, Partner at Mangrove Capital Partners, said: “We couldn't be more excited to welcome EQT Ventures on this journey. They understood early on the unique offering the Sifflet team brings to this fast-growing market. Their insights into the data space will further strengthen Sifflet on its mission to become the next software category leader.”