New Funding Led by Gradient Ventures, Google’s AI-Focused Venture Fund, to Expand Product Development by Doubling Down on Quality-First Approach to Analytics
SEATTLE–(BUSINESS WIRE)–Iteratively, a SaaS tool that helps data and product teams define, instrument and verify their analytics tracking, announces today that it has secured $5.4 million in new capital led by Google’s AI-focused venture fund, Gradient Ventures, with participation from Fika Ventures and early investor PSL Ventures. Zach Bratun-Glennon, Partner at Gradient Ventures, joins the board.
Iteratively takes a proactive approach to solving the problem of poor data quality, by helping teams ensure that data quality issues are caught before making their way into production. Solving and preventing issues proactively at the source means data consumers have high quality and trustworthy data that’s ready for use, with no cleaning required. This is significant since analysts and data scientists today waste up to 80% of their time preparing and cleaning data, leaving a minority of time for actual analysis.
Co-founders Patrick Thompson and Ondrej Hrebicek worked together at Ondrej’s first startup, Syncplicity (acquired by EMC), and spent six months doing extensive customer development before starting Iteratively in June 2019. They interviewed over 400 product managers, data teams and engineers, and found the number one pain point was the massive problem of bad data. According to Gartner research, poor data quality costs businesses in the U.S. more than $3 trillion per year.
Iteratively enforces a reliable source of truth for teams’ analytics and provides the first tool that brings product managers, data analysts and engineers together to collaborate on data. It offers an easy-to-use web UI for data analysts and product managers to define and evolve their tracking plan in a collaborative way, as well as best-in-class developer tooling for engineers to easily and accurately implement analytics tracking with type-safe, open-source SDKs, a CLI and CI/CD integration.
“We kept hearing the same thing from data and product teams that they have lost confidence in their analytics. We built a tool that helps them rebuild trust in their data and empowers them to collaborate on analytics. We believe data is a team sport and collaboration is key for cross-functional teams to succeed,” said Patrick Thompson, Iteratively’s Co-founder and CEO.
Iteratively serves a broad spectrum of customers but is initially focused on helping companies with existing product and data teams, such as SaaS, ecommerce and DTC companies. Iteratively fits seamlessly into teams’ existing data stacks and offers direct integrations with their infrastructure, whether that’s custom-built or third-party tools like Amplitude, Mixpanel, Segment, dbt and more. Customers include Box, Artifact Uprising and Beekeeper.
Charles Lariviere, a Data Scientist at Iteratively customer Dribbble, shared, “Iteratively has become the source of truth for our event collection and an integral part of our data stack. As a team, we’ve experienced great benefits from adopting Iteratively and clear improvements in data quality.”
“Iteratively’s software has a unique approach to enabling company-wide collaboration and enforcing data quality. Going forward, we believe that intelligent analytics and data-driven business decision making will differentiate successful companies and best-in-class products. Iteratively’s mission, product and team are poised to give each of their customers these capabilities,” said Zach Bratun-Glennon, partner at Gradient Ventures.
Iteratively will use the new capital to accelerate product development. The team will also make key hires within marketing, sales and customer success.
To learn more about Iteratively and try out their product, visit www.iterative.ly to sign up for a free account.
Iteratively helps data teams, product managers and engineers define, instrument, verify and collaborate on analytics tracking. We proactively empower teams to identify and resolve data quality issues and provide a workflow for managing the evolution of your analytics tracking, ensuring data consumers always have high-quality and ready to use data in their favorite tools. Iteratively was founded in 2019 by Patrick Thompson and Ondrej Hrebicek and is a remote-first company. Investors include Gradient Ventures, Fika Ventures and PSL Ventures. For more information, visit www.iterative.ly.
About Gradient Ventures
Gradient Ventures is Google’s AI-focused venture fund – investing in and connecting early-stage startups with resources, innovation, and technical leadership in artificial intelligence. The fund focuses on helping founders navigate the challenges in developing new technology products, using the latest best-practices in recruiting, marketing, design, and engineering so that great ideas can come to life. Gradient was founded in 2017 and is based in Palo Alto, California. For more information, visit www.gradient.com.