- The company plans to utilize the funds to scale new consumer growth with sales and marketing.
- The Promethium platform’s data profiling technology is based on Natural Language Processing (NLP) automation.
Analytics platform Promethium announced raised USD 26 million in Series A funding round. Thus, bringing the total company funds to USD 34.5 million since its 2018 founding.
The company plans to use the funds to scale new consumer growth with sales and marketing, along with continuous innovation and engineering of its data analytics and management platform.
The Promethium platform’s data profiling technology is based on Natural Language Processing (NLP) automation, a technology for which the company was issued a patent in 2021. With NLP automation, Artificial Intelligence (AI)-powered context engine allows users to ‘ask a question.’ As per the company’s website, “Promethium then automatically locates the data, provides instructions on how to assemble that data, reveals the quality of the data, and even displays the SQL statement, dramatically reducing the time and costs associated with manual data analytics.”
Promethium claims that the process takes only four minutes or less and works by linking to all of the enterprise’s data sources and abstracting metadata to meaning, location, and relationships across these data sources. It leverages automation, AI, and machine learning to automate the mapping of natural language to the data and its intent.
Users with different backgrounds, including those from marketing, operations, finance, or general business customers, can use the natural language search function to ask questions. It then finds relevant data in an answer format while giving space for favoriting, peer review, and filtering the results.
The platform is helpful for data analytics teams and engineers to find, verify, assemble, query, and visualize data to provide answers for users’ inquiries. The solution claims itself as a true ad-hoc, self-service solution because it eliminates centralizing data with ETL beforehand or creates reports or pre-build models.
Accessing only metadata can eliminate the moving of data and be queried in place by any visualization, machine learning, or Business Intelligence (BI) product. It enables quick changes and will instantly update the query.
Every business can benefit from this platform, especially those in the financial and insurance industries. It has partnerships with Snowflake, AWS, Tableau, and others. The awards earned include CRN Emerging Vendors (2021), AI Excellence Award, and IDC Innovator.
“When I worked as a data analyst the workflows were slow and broken, and they still are today. There wasn’t one single solution that made it faster and easier for everyone, technical or not, to leverage data. So, we built one, and now the workflow from question to data to answer takes minutes instead of months,” said Promethium CEO and Founder Kaycee Lai.