Octane11, the B2B data platform company bringing simplicity to enterprise analytics, announced today 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, including Erik Matlick, CEO of Bombora, Zain Jaffer, Founder of Vungle and Partner at Blue Field Capital, Eric Roza, former CEO of Datalogix and leader of Oracle’s Data Cloud division, and Amar Goel, Founder and Chairman of PubMatic, 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. “Previously, as Chief Strategy Officer of a unicorn B2B software company operating across 16 cities, I 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.
“We had a complex martech and salestech stack with over a dozen legacy tools that required tons of manual work to analyze - and yet we wanted to keep adding, testing and learning,” said Pete Davies, SVP Revenue Strategy at Cardlytics, an Octane11 client. “Octane11 gave us holistic visibility across all our tools in an easy-to-digest format that we could share across the entire team and compare to industry norms.”
“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. “Octane11 is building a unique network-style solution that complements other industry tools and can scale rapidly.”
To learn more about how Octane11 can help you wrangle your B2B data and drive more actionable insights and collaboration, visit www.octane11.com and follow us on LinkedIn.
To review open positions at Octane11, please visit www.octane11.com\careers
Octane11 was represented by Robert Odell of Odell Girton Siegel LLC.
Octane11 is a B2B-focused data analytics and collaboration platform that connects paid, owned, and earned marketing, sales, and product usage data to drive real business results. We help B2B enterprises with $100M+ in revenue to integrate, enrich, and analyze data across teams, and compare performance to industry benchmarks. Octane11 is backed by Javelin Venture Partners, BDMI, Honeystone Ventures, Circadian Ventures, Plug and Play Ventures, Base Ventures, and AperiamVentures. Launched in late 2020, Octane11 is already helping some of the largest B2B enterprises break down data silos and turn every digital interaction into an actionable insight. To learn more, visit www.octane11.com and follow us on LinkedIn.
About Javelin Venture Partners
Javelin Venture Partners is an early-stage venture capital firm, founded by former entrepreneurs who have first-hand experience developing companies from concept to thriving enterprises. Javelin invests in scalable, high-growth technology companies with large addressable markets and strong competitive advantages. The firm is an active investor with a long-term outlook, and is helping the next generation of founders build world-changing companies. Javelin is located in San Francisco, CA, but invests in companies throughout the world. For more information visit: www.javelinvp.com.