Monte Carlo announced they have raised $135M in Series D funding from IVP, with participation from Accel, GGV Capital, Redpoint Ventures, ICONIQ Growth, Salesforce Ventures, and GIC Singapore. With this round, Monte Carlo has raised a total of $236M in a 20-month period, most recently announcing their Series C in August 2021 and a suite of new product functionalities to help data teams achieve more reliable data.

Monte Carlo intends to use the capital infusion to continue improving experiences for its hundreds of customers, scale the data observability category to new verticals, and grow its U.S. and EMEA go-to-market and engineering teams.

Monte Carlo is now the first data observability company to achieve a billion dollar valuation, joining the ranks of Databricks, Fivetran, Starburst, and dbt Labs as a data unicorn.

Pioneering the future of data reliability

As companies ingest more data and pipelines become increasingly complex, teams need a way to ensure that the data powering their decision making and digital products is reliable and actionable.

Mirroring the rise of application performance monitoring (APM) tools like Datadog and New Relic to keep software downtime at bay, data observability solves the problem of data downtime by giving teams end-to-end coverage and visibility into data health across their modern data stack. Monte Carlo's machine learning-powered platform provides data leaders and other business stakeholders with a holistic view of data reliability for critical business and data product use cases in near real time.

Last year organizations spent $39.2 billion on cloud databases such as Snowflake, Databricks and Google BigQuery, yet Gartner estimates data downtime and poor data quality costs the average organization $12.9M per year.

Monte Carlo research shows a correlation between data incidents and the amount of data an organization handles, with the average business experiencing at least one data incident for every 15 tables in their environment.

"As companies continue to invest in technologies that drive smarter decision making and power digital services, the need for high quality data has never been higher. Monte Carlo is charting the path forward for the data observability category and setting a precedent for the future of the modern data stack," said Cack Wilhelm, General Partner at IVP. "After talking to dozens of Monte Carlo's customers, two things became crystal clear: they are building a truly incredible product with near-immediate time to value, and they have one of the best teams in data. I'm excited to partner with Barr, Lior, and the rest of Monte Carlo on their vision for data reliability."

Category leadership, customer growth and company expansion

Over the past 20 months, Monte Carlo has grown from 20 to 120 people and raised four rounds of funding, signifying the exponential growth of the data observability market and the company at large. With their Series D, Monte Carlo has achieved a $1.6B valuation, a testament to the market enthusiasm for the category and the company's commitment to making data more reliable for their customers.

Since their Series C announcement in August 2021, Monte Carlo more than doubled revenue every single quarter and achieved 100 percent customer retention in 2021. Over the past six months, Monte Carlo has brought on new customers, including JetBlue, Affirm, CNN, MasterClass, Auth0, and SoFi, with hundreds of customers paying for and driving value from the platform.

"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. Still, it's simply not enough to have data - it needs to be discoverable, accessible and reliable," said Barr Moses, CEO and co-founder of Monte Carlo. "Monte Carlo created the world's leading data observability platform to accelerate the adoption of reliable data while reducing time to detection and resolution for data downtime. Our customer traction and roster of great partners like Snowflake, Databricks and dbt Labs highlight  the continued growth and maturation of the data observability category, as well as the industry confidence in Monte Carlo's approach."