Mode Analytics raises $375K to improve sharing and collaboration among data analysts
San Francisco-based startup Mode Analytics secured $375,000 in fresh capital from unnamed investors citing a filing submitted to the US Securities and Exchange Commission.
The previous round four months ago they received $550,000 from investors Yammer CEO David Sacks and Yammer Director Peter Fishman.
Two of the founders of Mode Analytics have their roots from Yammer as data analysts: Derek Steer and Benn Stancil. The third founder, Josh Ferguson, has his roots in Yammer also as a director of engineering.
All three of the founders from Mode Analytics have their roots from Yammer as a data analyst (Derek Steer and Benn Stancil) and director of engineering (Josh Ferguson).
The startup seeks to enhance the efficiency of worker collaboration using large amounts of data by creating software to avoid repeat data analysis after it has been done once already.
In an interview with VentureBeat, Steer explained, "If you're writing SQL [query language] queries for, example, you're going to churn out 20 or 30 queries on your way to your final one. You might repeat that process again 10 more times today. You've just got this incredible amount of information and you didn't stop to add titles in front of it in or a description. Part of what Mode does is it separates things out - here's the most valuable piece of what you've done. Next time someone starts working on this problem, we're going to serve that up directly to them."
According to VentureBeat, Mode Analytics is not the only company aiming to improve employee data analyst collaboration efficiency. Domino Data Labs and Sense are two other startups with the same objective targeting scientists.
Steer; however, has a much larger target audience in mind. He explains to VentureBeat that he doesn't want to limit the software use to those with technical backgrounds alone, but accessible for much more people than that.