Samooha, a company creating a “cross-cloud” data collaboration platform, declared today that it has secured $12.5 million in a fundraising round supported, among others, by Altimeter Capital and Snowflake Ventures. Samooha’s initial capital injection, according to CEO Kamakshi. Sivaramakrishnan, will be used for product development and recruiting; the goal is to increase the startup’s staff of engineers from 14 to about 20 by the end of the year.
Therefore, you may be wondering what Samooha accomplishes. In short, regardless of the underlying cloud and data stack, the platform enables enterprises to securely exchange, collaborate on, and derive insights from their partners’ and their data.
It’s not a brand-new idea. “Data clean rooms” have been around for a while, being promoted as the best method for transferring sensitive data across different computer environments by both established IT companies and startups. A few years ago, Harbour received $38.5 million for its technology that enables businesses to securely share and exchange massive amounts of big data. While Amazon Web Services just introduced a new data clean room solution called Clean Rooms, aptly named, it is targeted at enterprises that often exchange data with outside partners. InfoSum and Decentriq both provide safe data-sharing technologies.
Given Snowflake’s role in the startup’s finance, Samooha relies extensively on the Snowflake ecosystem to the degree that it is distinct. Samooha is a native app on Snowflake that offers a no-code UI for users to access and create clean room apps. Sivaramakrishnan noted in an interview with us that the underlying trust barrier of Snowflake’s native applications architecture offers a safe computing environment while obviating the need for any data movement.
“User-defined restrictions like authorised query templates and cryptographic multi-party computing technologies are used to technically implement security assurances. This enables cooperative data analysis that is quick and secure in the clean room, she continued. Think of a highly user-friendly collaboration product experience like Slack, where you can learn from, share, and collaborate on data that you and your partner control by running analytics workloads without changing or safeguarding data in that channel or room.
Samooha plans to target industries including healthcare, finance, advertising, retail, and entertainment that it feels may be particularly neglected. Gartner expects that by 2023, 80% of advertisers with media expenditures of $1 billion or more would employ data clean rooms, making media in particular potentially profitable.
Although she omitted names, Sivaramakrishnan asserts that Samooha has already signed up Fortune 500 companies as clients. The epidemic, according to her, made the sales pitch simpler by highlighting the importance of data exchange in an industry-wide, safe, and secure manner.
It most likely depends on the sector; according to a Habu poll conducted in August 2022, more than half of marketing professionals had never utilised a data clean room. However, Samooha’s early success indicates that some of Sivaramakrishnan’s assertions may be true.
In general, utilising customer, consumer, and company data is a given for every sector of business and application. However, Sivaramakrishnan said that the majority of organisations only have a partial picture of the client and consumer data. “The pandemic brought to light the necessity for safe, secure data cooperation across a variety of industries, including healthcare, manufacturing, supply chain and logistics, and more. We are certain that we are solving a crucial corporate data function uniquely thanks to our technology and product strategy, which is combined with the business model and can resist challenges.