Preql raises $7 million to build the future of data transformation
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NEW YORK, May 26, 2022 (GLOBE NEWSWIRE) — Preql, a no-code data transformation solution, announced that it has raised $7 million in seed funding, led by Bessemer Venture Partners with participation from Felicis, and leading ecosystem analysis founders including Taylor Brown of Fivetran, Keenan Rice of Looker, Tristan Handy of Dbt Labs, Eldad Fakash of Firebolt and Benn Stancil of Mode. Preql’s platform allows business users to structure data for reports without having to write SQL or rely on specialized data talent.
Preql builds on the innovation of tools like Snowflake and Fivetran, which have made certain aspects of the analytics workflow accessible to organizations without data engineering resources. The next evolutionary step of the modern data stack is to allow business users to manage their own reporting logic, which is not possible today without advanced expertise in SQL and data transformation.
Preql co-founders and co-CEOs Gabi Steele and Leah Weiss met while leading data teams at WeWork and later founded a data engineering and visualization consultancy. During their time at WeWork, they experienced a disconnect between business users who need data to make decisions and the data teams who structure and prepare data for analysis. Business users must pass definitions to data modelers, who keep the logic in code but lack sufficient business context. Even with exceptional data talent, the result of this shift is often a lack of trust in data, frustrated data teams, and costly data investments with no clear path to ROI.
Preql’s funding comes at a time when companies of all sizes are now investing in cloud storage and data ingestion tools. The cloud storage market is growing by 22.3% every year. Despite these investments in modern infrastructure, few companies have the internal resources to shape their data for analytics. “There is a misconception that simply storing data will help your organization become data-driven. Data storage is necessary, but the hard part is agreeing on what you want to measure, how you want to measure it, and then translating that business logic into code,” said Leah Weiss, co-founder. “Preql gives business users the ability to contextualize their data and customize definitions, but then removes the complex work of data transformation.”
Preql’s technology builds on the data warehouse, predicts the data model required for your business, and then allows business users to customize metric definitions. It compiles all of this logic and delivers reporting-ready datasets to your warehouse, which previously required months of manual effort from highly skilled data teams. “We’ve seen first-hand the pain business users and data teams go through when creating a central source of truth for reporting,” said Gabi Steele, co-founder. “We’re deeply committed to delivering an intuitive, forward-thinking solution that business users will love and understand, and that more mature data teams are grateful for because it saves them lots of back and forth.”
“We are excited to partner with Preql to make data capabilities more accessible to organizations and verticals that are currently underserved,” said Amit Karp, Partner at Bessemer Venture Partners. “We were really impressed with the unique insight the founders bring to this problem and the clarity of their vision.” Viviana Faga, General Partner at Felicis, adds, “We couldn’t be more thrilled to partner with Gabi and Leah, who are on a mission to change the way data is transformed and accessed to better meet the needs of business users. of each company.”
About PreqlPreql builds an automated data transformation for business users. Its technology enables business users to access analysis-ready data in minutes without having to learn SQL or rely on a data team. Preql is backed by Bessemer Venture Partners, Felicis and several angel investors. Learn more at preql.com.
About Bessemer Venture Partners Bessemer Venture Partners helps entrepreneurs build solid foundations to build and forge sustainable businesses. With more than 135 IPOs and 200 portfolio companies across corporate, consumer and healthcare, Bessemer supports founders and CEOs from their early days and through every stage of their growth. Bessemer’s global portfolio includes Pinterest, Shopify, Twilio, Yelp, LinkedIn, PagerDuty, DocuSign, Wix, Fiverr and Toast and has $9 billion in capital under management. Bessemer has teams of investors and partners located in Tel Aviv, Silicon Valley, San Francisco, New York, London, Boston, Beijing and Bangalore. Born from innovations in steel more than a century ago, Bessemer’s rich history has allowed its partners to celebrate and examine its best investment decisions (see Memos) and also to learn from its errors (see Anti-Portfolio).
About FelicisFounded in 2006, Felicis is a venture capital firm that invests in companies that reinvent key markets, as well as those that create breakthrough technologies. Felicis focuses on early-stage investments and currently manages over $2.1 billion in capital across 8 funds. The company is a top backer of more than 41 companies valued at over $1 billion. More than 91 of its portfolio companies have been acquired or gone public, including Adyen (IPO), Credit Karma (acq by Intuit), Cruise (acq by General Motors), Fitbit (IPO), Guardant Health (IPO), Meraki (acq by Cisco), Ring (acq by Amazon) and Shopify (IPO). The company is based in Menlo Park, California. Learn more at www.felicis.com.
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Gabi Steele and Leah Weiss, co-founders of Preql