Annual recurring revenue has doubled each quarter since the product launched in 2020, CEO Barr Moses says.
helps engineers monitor cloud applications. “Historically, data quality was something that companies tried to manage internally,” says GGV Capital managing partner Glenn Solomon, who sits on the board.
“This was going to be a market creation exercise.” Other companies have begun to attract VC interest by building “data observability” software. Lightspeed and Insight Partners are among backers in Acceldata ; Sequoia and Coatue backed Bigeye ; NEA and Amplify Partners are investors in Datafold ; Tiger Global, CRV and Index Ventures are in on Superconductive . Monte Carlo’s investors contend that Moses and Gavish trailblazed the space and that it allowed Monte Carlo to take an early lead. “They've got more customers than probably all other companies combined in data observability today,” Solomon says. Monte Carlo has 150 customers, including CNN, JetBlue and shoe company Asics. Redpoint managing director Tomasz Tunguz says his firm surveyed some users and found a “big surprise” that Monte Carlo was “consistently” the data tool for which they spent the second largest chunk of their budget after storage platforms like Snowflake, Databricks or Amazon’s Redshift. At Fox, Monte Carlo accounts for about 10% to 15% of the “tens of millions” spent on data infrastructure. The media company uses it to ensure reliability of 4,000 data sources; for example, it receives overnight TV reports—metrics measuring how many people tuned into different channels at different times—from third-party sources that may provide the data in inconsistent file formats or hours later than expected. Monte Carlo pinpoints the source of the issue and in some cases is able to automate a fix, says Fox’s chief technology officer Paul Cheesbrough. “I want all my data engineers building things rather than having to do troubleshooting,” he adds.
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