As more and more data piles up in siloed electronic warehouses, the greater is the need for a data management solution that will allow companies to identify and access all data at hand especially in the face of greater penalties for non-compliance of privacy regulations. Promethium promises to build a context generation platform that will simplify compliance and data analytics in addition to reducing cost.
In October, Promethium raised $2.5 million in a seed round led by Zetta Venture Partners.
More information on Promethium is available in this report filed by TechStartUps:
Founded in February 2018 by Kaycee Lai, Promethium enables enterprises to better control and leverage their data without compromising on variety, volume, or speed. Promethium connects to all types of data and sources to non-intrusively and automatically provide users with the context of the given data. That context can be leveraged for data governance reporting as well as streamlining accuracy and consistency in analytics/BI. Promethium technology connects to all types of data and sources to non-intrusively and automatically provide users with the context of the given data. That context can be leveraged for data governance reporting as well as streamlining accuracy and consistency in analytics/BI.
“In the era of Big Data-driven BI and artificial intelligence (AI), data is one of the most valuable business resources, regardless of industry, with a potentially huge liability if data compliance and privacy standards aren’t met,” said Jocelyn Goldfein, General Partner, Zetta Venture Partners. “The largest enterprises possess sprawling data assets; they have much to gain and much to lose if they don’t understand the contents, context and relationships among those datasets. Promethium’s veteran founding team is poised to give enterprise data teams the insight to unlock the value of their data assets.”
As data volumes increase daily, the proliferation of data sources, applications, devices and users to manage that data has resulted in a complex, costly new norm for data analytics. In fact, one recent survey found that 90 percent of total cost of ownership (TCO) for BI solutions is spent on labor. The growing importance of data governance increases the urgent need for effective data analytics solutions as compliance requirements such as GDPR can penalize non-compliance as much as four percent of a company’s annual revenue.
