Superconductive, providers of Great Expectations, the open source tool for data quality, today announced it has raised a $40 million Series B funding round led by Tiger Global with support from Index, CRV, and Root Ventures, bringing total funding to $64.5 million.
The new funds will be used to accelerate the continued investment in open source and its community, development and launch of a first commercial product, and key hires across the organisation.
According to Gartner, poor data quality costs organisations an average $12.9 million per year, which impacts revenue and also increases the complexity of data ecosystems and leads to poor decision making. By 2022, it’s predicted that 70% of organizations will rigorously track data quality levels using various metrics to significantly reduce operational risks and costs.
“Great Expectations is among the fastest-growing open source communities in the data ecosystem. It’s downloaded nearly 3 million times every month, and is rapidly becoming the de facto shared open standard for data quality,” said Abe Gong, CEO and co-founder of Superconductive.
“With support from Tiger, Index, CRV and Root Ventures, Great Expectations is primed to enter its next chapter of growth. This year, we’ll continue to extend the capabilities of the open source project while also launching our first commercial offering.”
Along with improvements to the open source version, the company is working on development of Great Expectations Cloud, an enterprise SaaS suite of collaboration and orchestration tools for managing data quality across an organisation’s whole data infrastructure.
Design partnerships are currently in the works for this paid version, gaining valuable feedback and input from partners to establish a set of concepts and workflows that fit naturally on top of open source Great Expectations, offering new possibilities for data quality and data collaboration.
Great Expectations is a trusted tool in the open source community reaching over 2.8 million monthly downloads.
