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Promethium Raises $2,5 Million In New Funding Round Led By Zetta Venture Partners

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Below is our recent interview with Kaycee Lai, CEO & Founder at Promethium:

Q: Could you tell us your story?

A: I have been in the data and data management space for almost 20 years. I enjoy looking for gaps in the market and working with like-minded folks to come up with disruptive technologies to bring to the market. In my previous life, I worked with many large customers who were struggling with trying to combine both analytics and governance in an automated manner.

The challenge they faced was:

1.They had many data sources from many vendors and each had their own way of finding data.

2.The different data sources meant different data types and formats making it difficult to aggregate the data.

3.The growth in data volume and variety meant that they were no longer able to keep up with manual processes to find the data they needed. What they told me was that they need a new paradigm of actually understanding what data meant.

Why? In short, the only way they can know what data they have and what to use it for is if they know what the data means. The answer was they wanted to have a way to automatically create or determine context of data so now data is abstracted at a level that is easy to understand. This makes sense because, there’s a huge downstream process of actions around analytics, security, and even infrastructure that can only be made if one has the proper context of data. Today, this process can take several months or even years to do given the volume of data that exists in any enterprise. The bulk of the work and risk to a company comes not from finding the data or cleaning the data but knowing what to do with the data once they have it in a form that they like.

Q: How long did it take to put together Promethium?

A: I spent a long time thinking about this problem, getting feedback, formulating our approach and reiterating this since for about the last 9 months or so.

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Q: What’s the biggest benefit for the users?

A: The biggest benefit we provide is that users now can Visualize and Validate what question they want to answer or what data they have BEFORE spending months or years of man hours across several teams and having to re-iterate sever times because they did not know:

-If they were asking the right question

-If they have the right data

-How they needed to pull the data together

The result is that what used to take sever months to do can literally now be reduced to a few minutes.

Q: You’ve recently managed to raise $2,5 Million could you tell us more about it?

A: Yes, we are very fortunate to partner with Zetta Venture Partners who lead this round. They have bring a deep experience and appreciation for startups focusing on solving problems for the enterprise in the areas around data, analytics, and data management. They not only really understand this space but have a passion to back companies focused on solving challenges in this space. We are using this money to further develop the product to bring to the market as we have dozens of large enterprise companies already demanding our solution.

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Q: How do you see the future of Promethium?

A: I think we are very well-positioned to ride the market trends around data growth, context-based data governance, and the goal for every company to be a data-driven company. Here’s why: IDC estimates there will be over 180 ZB soon and at last count there’s over 300 vendors of database, data warehouses, data lakes, and other data sources. This means that The sheer volume and variety of data is no longer manageable by humans.This creates a demand for a new framework of not just governing data but even thinking bout how to organize, search, and conceptualize data at this scale. But knowing what your data means drives so many actions around security, compliance, analytics, infrastructure, etc. It’s very difficult for the Chief Data Officers, Compliance Officers, VP of Analytics, and even CIOs to manage risks and accelerate growth by leveraging its data assets in this new fragmented digital world. Promethium can help bring clarity and visibility as they take on this responsibility. Promethium provides the “why” and “where” when it comes to your data. That means we can be a powerful partner to many solutions from networking, to governance, to metadata management, to databases, to storage, etc. as we provide the intelligence on what the data means and how it should be treated. As a result, data governance will no longer be an after-thought, but an integrated solution with analytics.

Last Updated on January 14, 2019

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