Octane11, the B2B data platform company bringing simplicity to enterprise analytics, has announced the closing of a $4.5 million seed financing led by Javelin Venture Partners, with participation from BDMI, Honeystone Ventures, Plug and Play Ventures, Base Ventures, Circadian Ventures, and AperiamVentures.
A number of industry insiders also participated in the round. The new funding will accelerate Octane11’s mission to help B2B sales, marketing, and product executives spend less time wrangling data and more time delivering results.
Business-to-Business (“B2B”) enterprises have adopted more software tools than ever across all departments – using an average of 89 applications per company according to Okta’s Businesses at Work Report 2022. This diversity of applications has delivered great new functionality, but has also caused terrible confusion across tools and teams, leading to an explosion of costs for data infrastructure and the personnel required to synthesize it.
The Octane11 platform solves this challenge by mapping fragmented data across a myriad of tools and teams to its proprietary, B2B-specific data model. The Octane11 solution not only reduces the cost of managing siloed data by as much as 80%, but also unlocks a range of industry insights, granular benchmarks, and AI-driven recommendations.
Launched in late 2020, the Octane11 platform has already been used by its B2B clients to analyze over $500 million in revenue opportunities across 400,000 prospect accounts.
“Synthesizing enterprise data is a massive, unsolved challenge that is becoming increasingly urgent,” said Octane11 Founder and CEO Dan Rosenberg.
Rosenberg, previously a Chief Strategy Officer of a unicorn B2B software company operating across 16 cities, says he felt this pain personally and pulled together a team of B2B data, operations, and SaaS experts to solve it.
According to Market Data Forecast, the market for data engineering services – the people costs related to synthesizing enterprise data – is over $40 billion, twice the size of the data warehousing market, and is expected to grow at over 18% per year through 2028. Meanwhile, the cost of hiring data specialists like Data Analysts, Data Engineers and Data Scientists, has exploded in recent years, making Octane11 an ideal solution for driving cost efficiency and business impact quickly.
“The challenge of harnessing fragmented B2B data at scale is already massive and only getting worse with new channels emerging daily,” said Javelin Partner Noah Doyle, who will be joining Octane11’s Board of Directors.