Startup intends to transform enterprise data into valuable information
Enterprises tend to have a lot of data. As a result, companies are often unable to process, manage, and leverage the power of their own data.
A data governance and analytics startup aims to change that. Promethium is developing solutions that "enable enterprises to extract the most value from its data assets with minimal resources."
Founded by self-professed industry veterans, Promethium has already successfully completed a seed round of $2.5 million. Zetta Venture Partners led the round.
This investment will fund the commercialisation of Promethium's context automation platform. As well as reducing time and labour for data analytics, the platform automates data governance in compliance with GDPR.
How does it work?
Using advance AI and ML software, Promethium reduces manual data governance by up to 100 times. By automatically determining the value of data, the software allows companies to save time and therefore gain valuable insights.
Moreover, the context automation software merges the need for data governance and analytics into one single solution. This is viable across all data types and vendors - reducing the cost and complexity of actionable insights.
The tool also allows companies to easily comply with GDPR. According to the startup, penalties for non-compliance can reach up to 4% of a company's annual global revenue.
The value of data
“In the era of Big Data-driven BI and artificial intelligence, data is one of the most valuable business resources," according to Jocelyn Goldfein from Zetta Venture Partners. She added that this is regardless of industry.
“The largest enterprises possess sprawling data assets," she said. As a result, these companies "have much to gain and much to lose" if they fail to understand the "contents, context and relationships" among datasets.
There is also the potential for "huge liability" if companies fail to adhere to data and privacy laws. Goldfein stressed the importance of Promethium's vision in providing enterprise data teams with the "insight to unlock the value of their data assets.”
How can companies leverage innovative cloud technology to manage their data? Listen to this podcast to find out more about Cloudera and Deutsche Telecom's vision for data