SAN FRANCISCO, May 27, 2020 /PRNewswire/ -- Toro, the modern data quality monitoring solution built by former members of Uber's data platform team, today announced it has raised $4 million in Seed funding, co-led by Costanoa Ventures and Point72 Ventures with other backers, including former Head of Data at Uber, Jai Ranganathan, and head of machine learning platform for Uber's self-driving arm, Yu Guo.
While data is driving more decision making than ever before, reliability is still a huge challenge for data teams:
- Data quality has polled as the number one pain point among data professionals
- Data scientists spend half of their time on data cleaning and prep
- Large organizations report losing $15M annually to data quality issues
Despite these and other massive problems when it comes to managing data quality, there is a lack of purpose-built tools.
Co-founders Kyle Kirwan and Egor Gryaznov worked together building internal tools for Uber's data team. The explosive growth of the business led to the creation of custom tools for everything from dashboards and AB testing to data catalogs and outage detection.
"We learned a lot about what teams needed to know about their data to break out of the reactive mode many of them are in," said Kyle Kirwan, co-founder and CEO of Toro. "It's why Toro focuses on automating outage and anomaly detection for complex data models."
Providing reliable data allows teams to preempt dashboard and reporting issues which is crucially important to companies getting accurate data on where and how to adjust operating assumptions in today's rapidly evolving economic environment. Toro provides:
- An easy UI ready for product managers, analysts or engineers
- Automatic recommendations, and flexibility to define custom logic
- The ability to look for anomalies within specific slices of data
- Explainable alerts to improve the speed of debugging
- Engineering friendly APIs, and
- Performance optimizations for cloud-based data warehouses
Early users of Toro have reported cutting the time spent setting up monitoring by as much as 40 percent and detecting issues less than one hour after installation. Toro plans to use the funding to accelerate product development and bring the product to a larger audience.
"Despite its importance, data quality has remained a challenge for many enterprise companies," said Casey Aylward, Vice President at Costanoa Ventures. "Kyle and Egor's deep experience building several of Uber's internal data tools makes them uniquely qualified to build the best solution."
Toro is a modern data quality monitoring solution showing teams anomalous shifts in extremely complex data. Built by former members of Uber's data platform team, Toro automates the monitoring work so teams can focus on putting data at the center of the business. To learn more, please visit torodata.io.
SOURCE Costanoa Ventures