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Funding comes from a customer investment and additional angel investments
As companies look for better ways to manage and organize their massive amounts of data, companies that specialize in that very thing continue to gain traction. Data.world is one such company and is currently celebrating a new $11 million round of funding.
Led by Vopak Ventures, a customer of data.world, funding will be used for product development, hiring, customer acquisition, and more. In addition to Vorpak, angel investors Steve Pagliuca, Rick Braddock, and David Reuter participated in the growth round.
This round of funding comes after a $26 million round back in September.
In a statement, Leo Brand, CIO of Vopak notes, "Vopak Ventures is very excited to have participated in data.world’s latest funding round. We see data.world as a very promising platform that can truly help the way individuals and organizations are working with data. data.world makes it easy for everyone—not just the “data people”—to get clear, accurate, fast answers to any business question."
The data prep industry, which data.world is part of, continues to grow in relevance, with some studies pointing to it being an almost $4 billion dollar industry by the end of 2021.
The company helps other businesses manage and organize their data to better deploy models for various processes. In addition, data.world helps validate data, something that is extremely important, as bad data sets can lead to bad decisions and incorrect answers. Because data is a big subject, the company also helps make understanding the data easier, thanks to natural language search functions.
Data.world's CEO, Brett Hurt, tells Venture Beat, "We founded data.world to create the most meaningful, collaborative, and abundant data resource in the world by dismantling the barriers between people and data."
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