Workstream nabs $7M to streamline analytics workflows for enterprises
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Workstream, a New York-based company that provides a comprehensive solution to streamline enterprise analytics workflows, today announced it has raised $7 million in a seed round of funding.
Modern enterprises, particularly large organizations, maintain heterogeneous technical environments with teams relying on a range of digital tools to manage, analyze and consume data. These solutions play a major role in driving better business outcomes, but also create major friction points at the same time by leaving knowledge scattered across various systems.
In other words, if not handled effectively, data and analytics assets can quickly become fragmented, affecting the organization’s ability to leverage them effectively for decision-making.
Workstream centralizes analytics assets
Nicholas Freund, the company’s founder and CEO, faced similar challenges during his stints at Tesla and BetterCloud. To solve the problem, he launched Workstream, a platform that consolidates analytics assets from different data consumption tools and functions in one place.
“Workstream allows data teams to centralize their key analytics assets in a single place — from reports in BI dashboards to one-off analysis in spreadsheets, docs or notebooks to operational reports living in tools like Salesforce,” Freund told VentureBeat via email.
The solution integrates directly with the analytical tools and surfaces information collaboratively, allowing teams from different departments to not only access but also contribute to the knowledge with valuable context. It automatically categorizes the assets and curates supported data products with written descriptions, video explanations and FAQs.
“We reduce the time required of data teams to support unplanned requests and issues and enable them to focus their time and energy on activities that add more long-term value,” he said. “Simultaneously, we build cross-departmental usage of data by providing more consistency and context for business stakeholders across the organization.”
Currently, in public beta, the product integrates with leading data tools, including Google Workspace, Tableau and Jira, and provides add-on features like data concierge to serve knowledge to business stakeholders in their workflow and asset management to provide insight into how the data assets are being used and how they are impacting business decisions.
With the new funding, which was led by Lerer Hippeau, Workstream plans to grow its team across functions and continue the work on its product. The focus, according to the cofounder, will be on three key areas: improving the experience of the product; advancing workflow automation and usage insights capabilities, and supporting more integrations to make sure it works with any tool that businesses use to consume and analyze data.
The product is expected to become generally available by the end of 2022 or in early 2023, he added.
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