Data Search Startup Secoda Receives $14 Million Investment

Secoda, a startup developing what it describes as an AI-powered data search and cataloguing platform, has received investment. The startup announced that it has raised $14 million in a funding round led by Craft Ventures, with participation from Abstract Ventures and several angel investors. Secoda co-founder and CEO Etai Mizrahi stated that the proceeds will be spent on strengthening the startup's engineering efforts, funnelling more funds into R&D, and building "cutting-edge" development tools.

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Secoda

Mizrahi co-founded Ontario-based Secoda with Andrew McEwen in 2021. This is the duo's second startup together after Correly, the product demo platform acquired by Ottawa-based GenM in 2019. Secoda creates a map of the information hosted across applications in a company's technology stack, allowing users to see how data is connected between applications that previously had no way to communicate with each other. These "lineage maps" also allow data teams to see changes made to a company's data and what has been affected by changes in the technology stack. Secoda has invested in AI technology as a differentiator, such as a feature that automatically creates documents and queries from a company's metadata.

Secoda has 20 employees. Last year, it claims to have increased its revenue by more than 250 per cent compared to the previous year. It is stated that this is thanks to new customers such as Remitly, Too Good to Go, Babylist and Y Combinator, who are also investors. In the near future, Secoda plans to introduce a monitoring feature that will allow users to control the quality of data consumed by the platform.