Enterprise software producer Salesforce’s corporate venturing division Salesforce Ventures has taken part in a $60m series C round for US-based data reliability platform developer Monte Carlo.
Venture capital firm Iconiq Growth led the round, which also saw participation from Accel, Redpoint Ventures and GGV Capital.
Monte Carlo’s platform allows companies to monitor the reliability of their data – from ingestion through analytics – via a single interface.
It will use the cash injection to grow its data observability capabilities, expand into new markets and develop its product line.
RedPoint Ventures and GGV Capital previously led Monte Carlo’s $25m series B in February 2021, with Accel also taking part.
Accel led the $16m series A in September 2020, into which GGV Capital contributed. Accel had already led a seed round of undisclosed size in May 2019.
Barr Moses, CEO of Monte Carlo, said: “In 2021, it is simply not enough to use data to drive accurate decision making and power digital products — you need to trust it, too.
“If you have been on the receiving end of bad data, you understand the pain: lost revenue, wasted time, and most importantly, lost confidence in data products. Once trust is lost, it is hard to gain back.
“Our investment from Iconiq Growth and other leading VCs signals the market confidence in our category and the need for a new approach to solving the very real problem of data downtime.”