Explorium Raises $75M Series C Funding - 10 Months After Series B

Explorium Secures $75 Million in Series C Funding

The development of precise predictive machine learning models hinges on the availability of high-quality data. Explorium, a firm dedicated to assisting data professionals in locating optimal data sources for their modeling needs, has recently announced a $75 million Series C funding round.

Investment Details and Board Addition

This investment arrives a mere ten months following their $31 million Series B announcement. Insight Partners spearheaded the current investment, with contributions from existing investors including Zeev Ventures, Emerge, F2 Venture Capital, 01 Advisors, and Dynamic Loop Capital.

To date, Explorium’s total funding reaches $127 million. George Mathew, a managing partner at Insight Partners and formerly the president and COO of Alteryx, will join the company’s board of directors.

Accelerated Growth During the Pandemic

According to co-founder and CEO Maor Shlomo, despite the hardships caused by COVID-19, the pandemic served as a catalyst for business expansion. The company experienced a fourfold increase in revenue last year, though specific figures were not disclosed.

Shlomo attributes this growth to the core function of their business: enabling enterprises and data scientists to discover novel data sources for addressing business challenges.

Shifting Data Needs and Platform Utility

During the pandemic, many organizations found their existing data inadequate for accurate predictive modeling. Consequently, a demand arose for new data sources to provide insights into market fluctuations and inform decision-making.

“Our platform essentially facilitates this process, and as a result, we’ve observed substantial growth over the past year,” Shlomo stated.

Expansion of Workforce and Office Locations

Fueled by revenue growth, Explorium has been rapidly expanding its team. The company employed 87 individuals as of last July; this number has now increased to 130.

Plans are in place to reach a workforce of 200 by the end of 2021 or early 2022, contingent on continued business performance.

Hybrid Workplace Strategy

Explorium maintains offices in Tel Aviv and San Mateo, California, and intends to establish a new location in New York City when feasible. While embracing workplace flexibility, the company plans a hybrid model, allowing employees to work remotely two days a week and in the office for the remaining three, adhering to local regulations.