Israeli data reliability company Monte Carlo has become the latest unicorn to have originated from the tiny West Asian country, after raising $135 million in a Series D funding round that values it at $1.6 billion.
US-based late-stage venture capital and growth equity firm IVP led the round, Monte Carlo said. IVP was joined by Accel, GGV Capital, Redpoint Ventures, ICONIQ Growth, Salesforce Ventures, and Singapore sovereign wealth fund GIC.
Monte Carlo said it has now raised $236 million in the short period of 20 months. It had announced its Series C round in August 2021, and said it has more than doubled revenue every quarter since then. In the wake, Monte Carlo has become the first data observability company to achieve the billion-dollar valuation tag.
The company said it is looking to use the new cash to continue improving experiences for its hundreds of customers, scale the data observability category to new verticals, and grow its US, Europe, Middle East and Africa go-to-market and engineering teams.
Monte Carlo was founded in 2019 with a view to help improve trust in data. It says it does that by eliminating and preventing data downtime.
The Israeli-origin company is now based out of San Francisco, and also has an office in Tel Aviv. It began life with 20 employees, and now has six times as many people on its rolls.
“Over the past several years, companies across industries have gotten more bullish about data than ever before, investing in technologies like Snowflake and Databricks and hiring teams of engineers and analysts to build and scale data products that drive impact for the business,” said Barr Moses, CEO and co-founder of Monte Carlo. “Still, it’s simply not enough to have data – it needs to be discoverable, accessible and reliable.”