Ocient: Analyzing the World’s Largest Datasets
April 2, 2021 | Ashley Brindamour
Enterprise companies continue to grow the number and size of their datasets — collections of data that hold or store different types of information. A few of the industries working with massive datasets include law enforcement, financial markets, advertising tech, network security, telecommunications, and vehicle telematics. However, current solutions offer limited intake and search speeds, making it difficult to unlock datasets’ full value.
Alumni Ventures portfolio company Ocient is redefining dataset analysis with their cutting-edge big data technology. The company’s platform filters and computes results at rates up to trillions of rows per second, enabling organizations to harness the untapped value of the world’s largest datasets at scale and speed. Ocient’s superior solution offers 5X-50X faster processing and costs 2X-6X less than competitors.
Ocient’s full-stack, interactive database analysis software reflects extensive development work, creating a sizable competitive moat. Ocient is tackling a huge industry, which is expected to grow to $103 billion by 2027 (more than double its market size in 2018).
Successful Entrepreneurial Team: In 2005, CEO Chris Gladwin founded Cleversafe (acquired by IBM in 2015), which is now the largest object storage vendor globally, according to IDC. Today, Gladwin is well on his way towards doing for big data analysis what Cleversafe did for big data storage: enabling organizations to harness massive datasets’ untapped value.
Gladwin has largely reunited the senior and technical leaders from Cleversafe for Ocient. Considerable entrepreneurial horsepower, intellectual heft, and past success underpin the team, with members having extensive experience building, deploying, and selling enterprise software.
Significant Traction and Competitive Moat: Ocient has secured seven early customers whose accounts can potentially scale to millions in revenue over the next few years. Additionally, Ocient has solid intellectual property, top people, and first-mover advantage to help land and expand significant enterprise clients.
Seasoned Lead Investor: Lead investor Greycroft has an established track record. The firm has $1.1 billion AUM and investments in over 120 companies, including Babble, Buddy Media, Collective, Huffington Post, Klout, Maker Studios, and Trunk Club.
Alumni Ventures’ Castor fund (for MIT alumni and friends of the community) and Purple Arch fund (for Northwestern alumni and friends of the community) deployed capital in Ocient’s $40 million Series B.