10 Cool Tech Companies That Raised Funding In May 2022
Next-generation technology developers in identity and data protection, API security, mobile device management, machine learning development, data observability and data analytics reported new rounds of funding.
Follow The Money
Despite growing concerns about the state of the economy, IT startups—particularly those in the cybersecurity and big data sectors—continue to attract significant amounts of venture funding from private equity companies and other sources.
Semperis, which develops an identity-driven threat detection and response cybersecurity platform, topped the list of startups that raised funding in May with an impressive $200 million Series C funding round.
Right behind Semperis with a $196 million Series B funding round was Mosyle, a company that offers mobile device management tools and is gaining attention in the Apple device management space.
Startups developing big data technology dominate the May list. Cribl and Monte Carlo, both startup developers of data observability systems, raised $150 million and $135 million, respectively. They were followed by business analytics software vendor Pyramid Analytics, which raised $120 million, and streaming data analytics tech developer Imply Data, which raised $100 million.
Startup OtterTune, a provider of next-generation database performance and optimization software, reported raising $12 million in May. Concentric AI raised $14.5 million to accelerate development of its technology for protecting business-critical data.
Traceable AI, a developer of API security technology, raised $60 million in May. And machine learning startup Predibase—which just exited stealth—received $16.25 million in Seed and Series A funding from investors.
Here’s a detailed look at the companies that reported new rounds of funding in May.
Headquarters: Hoboken, N.J.
CEO: Mickey Bresman
Funding: More than $200 million in a Series C round of funding.
Investors: The round was led by KKR with participation from Ten Eleven Ventures, Paladin Capital Group, Atrium Health Strategic Fund, Tech Pioneers Fund and existing investors including Insight Partners.
What the company does: Semperis develops identity-driven threat detection and response cybersecurity technology with a focus on securing hybrid Active Directory environments.
CEO Quote: “With Semperis’ multi-layered identity protection, organizations can fend off cyberattacks without being forced to choose between two bad options: paying the criminals or getting shut down. With the combined experience that KKR, Ten Eleven Ventures, Insight Partners, and other esteemed investors in this round bring [in] scaling high-growth cybersecurity companies, we have an elite group of strategic partners in our corner to help advance our mission.”
Headquarters: Winter Park, Fla.
CEO: Alcyr Araujo
Funding: A $196 million Series B funding round.
Investors: The round was led by Insight Partners with participation from StepStone Group and all previous investors including Elephant and Album VC.
What the company does: Mosyle develops mobile device management software and recently launched its Apple Unified Platform that integrates five applications into one.
CEO Quote: “We are the only player offering this kind of solution. I believe this funding reinforces that we are on the right path, that the growth has been important. And we have been able to find needs in the market and offer things that customers are willing to pay for. It will allow us to continue on that journey to add solutions to the Apple Unified Platform. And every time you build a product, and you offer something new, you also need an entire ecosystem around the apps in terms of onboarding people and supporting partners.”
Headquarters: San Francisco
CEO: Clint Sharp
Funding: The $150 million in Series D funding increased Cribl’s total funding to $400 million.
Investors: The round was led by Tiger Global Management with participation from existing investors Institutional Venture Partners (IVP), CRV, Redpoint Ventures, Sequoia and Greylock.
What the company does: Cribl develops a data observability platform that includes the Stream, Edge and Search tools.
CEO Quote: “This funding round is a validation of our track record of success,” Sharp said, noting that the company has been growing at about 300 percent year over year in terms of revenue and customers and the company’s employee roster is expected to grow from 300 to around 500 by year’s end.
Headquarters: San Francisco
Co-Founder: Lior Gavish
Funding: With the $135 million Series D funding round, Monte Carlo has raised $236 million in just over the last 20 months and achieved a $1.6 billion valuation.
Investors: The funding round was led by Institutional Venture Partners (IVP) with participation from Accel, GGV Capital, Redpoint Ventures, ICONIQ Growth and GIC Singapore.
What the company does: Monte Carlo develops a machine learning-based data observability platform that provides a comprehensive view of the health and reliability of an organization’s data.
Co-Founder Quote: “If you’re doing anything with data, observability is a must-have. The dependence on data, the criticality of having the right data and trusted data at all times, is increasing.”
Headquarters: Amsterdam, The Netherlands
CEO: Omri Kohl
Funding: A $120 million Series E funding round.
Investors: The funding round was led by H.I.G. Growth Partners with participation from Clal Insurance Enterprises Holdings, Kingfisher Capital and General Oriental Investments. Previous investors that participated in the round include JVP, Maor Capital, Sequoia Capital and Viola Growth.
What the company does: Pyramid Analytics develops unified decision intelligence software that enables governed, self-service analytics in a no-code environment. The company’s flagship Pyramid Decision Intelligence Platform combines business analytics, data preparation and data science capabilities with AI guidance functionality.
CEO Quote: “All elements are in place to speed Pyramid down the path to being the next enterprise analytics leader. Overwhelming interest from the venture capital community underscores the importance of the problems we help our customers solve and the innovations we introduced to help enterprises in ways BI tools and legacy analytics could not.”
Headquarters: Burlingame, Calif.
CEO: Fangjin “FJ” Yang
Funding: The $100 million raised in the Series D funding round brought the company’s total financing to $215 million.
Investors: The investment round was led by Thoma Bravo with participation from OMERS Growth Equity, both new investors. Earlier investors Bessemer Venture Funds, Andreessen Horowitz and Khosla Ventures also participated in the funding round.
What the company does: Imply’s Druid-based, real-time analytics platform is targeted toward analytical application developers.
CEO Quote: “In its early days, Druid was adopted for a set of use cases in a handful of industries. Today, developers have shown its applicability across all industries—and the use cases have expanded exponentially.”
Headquarters: San Francisco
CEO: Jyoti Bansal
Funding: The $60 million in Series B funding puts Traceable AI’s value at more than $450 million.
Investors: The round was led by Institutional Venture Partners (IVP) with other investors including Tiger Global Management and existing investors Unusual Ventures and Big Labs.
What the company does: Traceable AI develops API security and observability technology.
CEO Quote: “The market is massive for a company like ours. A lot of things are happening around APIs these days and it’s become ripe for attacks.”
Headquarters: San Francisco
CEO: Piero Molino
Funding: Predibase exited stealth in May with a total of $16.25 million in Seed and Series A funding.
Investors: Both Seed and Series A rounds were led by Greylock with participation from the Factory and a conglomerate of individual “angel investors” including Zoubin Ghahramani (professor of engineering at Cambridge and Google senior director of research), Anthony Goldbloom (CEO of Kaggle), Ben Hamner (CTO of Kaggle), Remi El-Ouazzane (former COO of Intel AI), Varun Badhwar (former senior vice president of cloud security at Palo Alto Networks) and Yi Wang (principal engineer at Meta).
What the company does: Predibase, founded by machine learning luminaries from Uber, Apple and other companies, has developed a low-code platform that help data scientists and non-experts develop machine learning models.
CEO Quote: “At Predibase, we want to bring the same philosophy we used at Uber and Apple to all AI and data organizations by building a scalable, enterprise-level product that is very easy to use and operationalize through its declarative interface and saves companies time and money. We want to make doing ML as easy as doing analytics.”
Headquarters: San Jose, Calif.
CEO: Karthik Krishnan
Funding: A $14.5 million Series A round of funding.
Investors: The round was led by Ballistic Ventures with participation by Citi Ventures and previous investors Core Ventures Group, Engineering Capital and Clear Ventures.
What the company does: Concentric AI develops AI-based technology for protecting business-critical data.
CEO Quote: “Our mission is simple: We are remaking the multibillion-dollar data security market with an autonomous solution capable of discovering, evaluating, and protecting structured and unstructured content across the entire cloud and on-premises landscape. The teams at Ballistic and Citi Ventures are packed with high-powered cybersecurity creators and industry luminaries who see our potential and share our vision. Together we’ll establish Concentric as one of the industry’s leading cybersecurity players.”
CEO: Andy Pavlo
Funding: The Series A funding round raised $12 million.
Investors: The round was led by Intel Capital and Race Capital with participation from Accel.
What the company does: OtterTune has developed a database performance automation and optimization platform that uses machine learning to analyze and continuously optimize database settings.
CEO Quote: “We‘re achieving our goals of helping companies improve database performance at lower costs and freeing DBAs to focus on more strategic work. Automatic knob configuration using machine learning is proving to be even more fruitful than we expected it would be during our research period at Carnegie Mellon University.”