Naveego Secures Financing Round to Expand Global Reach and Capitalize on the Multi-Billion Dollar Data Quality Market
July 25, 2017
Traverse City, MI – July 25, 2017 – Naveego, an emerging leader of cloud-based Data Quality and Master Data Management (MDM) solutions, announced today it has secured half a million dollars in a financing round from Boomerang-Catapult and strategic investor Casey Cowell, co-founder of U.S. Robotics. The company will make use of the funding to drive continued product innovation and global expansion as it capitalizes on the rapidly growing multi-billion dollar Data Quality Tools market.
According to Gartner, Master Data Management, Data Quality Tools, and Integration solutions comprise some of the fastest growing market segments, forecasted to reach $8.6 billion by 2019. While corporate spending on data collection and analytics increases, confidence in the quality of data is decreasing. In a recent report by Forbes Insight and KMPG, 84 percent of CEOs interviewed are concerned about the quality of their data.
Naveego is addressing this market pain by delivering a new era of Data Quality solutions designed on its scalable, cloud-based platform. Naveego’s solutions connect to all the disparate data sources across an organization and proactively detect problem data, eliminating data quality issues and delivering meaningful insights required to make mission critical decisions.
Naveego leapfrogs existing, larger on-premises data quality solutions that are expensive to deploy, maintain and often require additional infrastructure expenditures. Naveego breaks this cycle by offering data quality solutions from the cloud without requiring any network changes.
“Naveego is a great investment for our firm, as it represents our mission to invest in emerging technology and businesses in Traverse City, contributing to an intellectually and culturally vibrant community of engaged citizens creating high economic value,” said Casey Cowell, Principal at Boomerang-Catapult. “The company is positioned to capitalize on the skyrocketing Data Quality Tools market by addressing the real customer pains of inaccurate, faulty data. Naveego’s data quality solutions proactively identify and eliminate data quality issues across information silos. This ensures organizations have the cleanest, quality data to make strategic business decisions and minimize risk.”
The company is experiencing strong momentum with 30 percent quarter over quarter growth with customers in Oil & Gas and Manufacturing. Recently, Naveego entered a strategic partnership, expanding its reach into the Telecommunications market. To address the next phase of success, Naveego has appointed Mike Dominick as Chief Product Officer & Vice President of Partner Success, and Sean Cavanaugh as Director of Sales.
In his previous position at Breitburn Energy, Mike was responsible for overseeing strategy, architecture, projects and support, including organizational application development and portfolio, financial applications, operations applications, and data services/development. He has led ERP implementations and the integration of applications for billion-dollar asset and company acquisitions. While at Breitburn, he also managed one of Naveego’s largest implementations to date.
Sean Cavanaugh has extensive sales and business development experience, having worked most recently for IBM Corporation as Manager of Business Development and Sales Operations. Responsible for IBM’s Data Mobility solutions sales in the Asia Pacific region, he helped increase revenue by 183 percent over a period of one year. He has also held senior sales and business development positions at Softek Storage Solutions Corporation (acquired by IBM) and Clustra Systems (acquired by Sun Microsystems).
“With this round of funding, along with the talents and experience of Mike Dominick and Sean Cavanaugh, we are at a significant juncture to take Naveego to the next level of growth,” said Derek Smith, Co-founder and CEO. “The Data Quality Tools market is exploding and organizations are increasingly seeking simpler solutions for data quality, integration and management without the high cost and complexity of legacy offerings. Naveego creates a single version of the truth that can be used to maintain consistent, accurate information across the enterprise, helping businesses build trust in the data they rely on.”
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Naveego is an emerging leader of cloud-based Data Quality and Master Data Management solutions that proactively detect and eliminate data quality issues. Naveego connects cloud and on-premises data sources to give organizations the insight and critical information they need to create a competitive advantage. Since 2012, companies have relied on Naveego to ensure the health and integrity of their data and deliver the single version of the truth they require to run their business. Naveego is Business Data -- Remastered. For more information, call +1 231-346-4144, visit http://www.naveego.com or connect with Naveego on LinkedIn and Twitter.
The Ventana Group for Naveego
Derek Smith, CEO & Co-Founder