Zuckerberg Firm Leads $50 Million Funding for Startupby
Collibra’s services in demand due to new banking, data rules
Software helps firms track origin, use of data they hold
Collibra, a software company that helps big organizations -- from banks to manufacturing firms to healthcare providers -- keep tabs on their data, has received $50 million from venture capital firms to fund its expansion, the company said Wednesday.
ICONIQ Capital, the Silicon Valley venture capital firm that counts Facebook Inc. founder and Chief Executive Officer Mark Zuckerberg, Twitter Inc. co-founder and CEO Jack Dorsey, and LinkedIn Corp.’s co-founder Reid Hoffman, among its investors, led the funding round. Battery Ventures, Dawn Capital, Index Ventures and Newion Investments also participated in the round. Matt Jacobson, an ICONIQ general partner, will join Collibra’s board, the company said.
Founded in Brussels in 2008, Collibra, which is now headquartered in New York, helps firms track where data they are using came from and who within the organization is using that information.
The need to keep track of data and provide audit trails has been driven in part by new compliance and privacy rules such as Basel II and the European Union’s General Data Protection Regulation, Steve Neat, Collibra’s vice president of sales for Europe, the Middle East and Africa said in an interview with Bloomberg in November.
Collibra wants to allow a company to know exactly when something like the definition of a contract term was changed and who changed it or how a particular metric the company is using in its reports was generated, Neat said.
Many organizations are unsure of the data they hold or where it came from. Collibra’s software catalogs all the data an organization has, making it easier to search and easier to protect, he said.
Collibra has more than 200 customers across the world, more than half of them in financial services, Neat said. But the company also counts large manufacturers -- such as John Deere -- among its customers as well as firms in a variety of other industries.