Cube recently raised $25 million in funding from backers including Databricks Ventures, Decibel, Bain Capital Ventures, Eniac Ventures, and 645 Ventures. The funds will be used to support Cube's go-to-market and marketing activities and to expand Cube Cloud's capabilities. The company claims to have a customer base of over 200 Fortune 1000 brands and a user base approaching 5 million people.
Key takeaways:
- Artyom Keydunov and Pavel Tiunov, founders of Cube, have launched a subscription-based service called Cube Cloud that provides a universal semantic layer for organizational data, offering automated workflows and enterprise-focused governance and deployment tooling.
- Despite companies spending an average of over $5 million on data management, governance and analytics initiatives, a 2022 Gartner poll found that fewer than half of data analytics leaders believe their teams are effective in providing value to their employers.
- Cube Cloud competes with AtScale and Dtb Labs’ recently acquired Transform, but has a customer base of over 200 Fortune 1000 brands and a user base approaching 5 million people.
- Cube has raised $25 million in funding from backers including Databricks Ventures, Decibel, Bain Capital Ventures, Eniac Ventures and 645 Ventures, bringing the total raised to $48 million. The new funding will be used to support Cube’s go-to-market and marketing activities and to broaden Cube Cloud’s capabilities.