Big data. Everyone has it. And no one has a way to organize, store, and access it in the most cost-effective manner.
Well, GV (the former Google Ventures) is leading a $10 million round into Incorta, an analytics platform that purports to make the modern data warehouse a thing of the past.
That new $10 million for San Mateo-based Incorta is cash to get its new product, a “direct data mapping engine” into the wide world.
The company claims that its technology “rethinks how data is stored and accessed”, by relationally mapping individual data points. The company says that relational mapping can reduce or remove the need for joint operations that integrate different data sets and create data warehouses.
For companies grappling with massive amounts of data, this means they can analyze datasets much more quickly (the company boasts that data analysis can be done in minutes instead of hours or days).
This stuff is pretty in-the-weeds for most people who aren’t computer scientists that nerd out on data architectures (caveat: I’m not a computer scientist, but for whatever reason, I do nerd out on data architectures… insofar as I can understand them).
Luckily, in Osama Elkady, the Incorta chief executive who was a 15 year veteran of Oracle, customers have an experience computer scientist who does apparently love this stuff (or at least who’s been doing it for his entire professional career).
While at Oracle, Elkady, an Egyptian immigrant, filed for at least eight patents related to integrating data into a single set from different sources, and was granted at least four of them.
“For decades, the accepted wisdom has been that a data warehouse is required to make complex business data ready for analysis. That’s no longer true… GV’s funding gives us the resources we need to scale and introduce our new approach to analytics to the world’s businesses,” Elkady said in a statement.
Already the company has lined up customers including Broadcom, Henkel, Stitch Fix, Toast and an undisclosed Fortune 10 manufacturing company, which sounds suspiciously like either GM or Ford.
As a result of GV’s investment, general partner Karim Faris will take a seat on the company’s board of directors along with Ron Wohl, an angel investor who worked at Oracle for the past 19 years.