Transform debuts with $24.5M funding to build metrics store for firms

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Amid the ongoing efforts by large tech companies to develop tools and platforms to obtain insights and metrics out of their large data troves, a new startup- Transform is set to make its debut with an aim to build a metrics store. This metrics store is expected to enable the enterprises to easily use metrics to get insights about their company.

According to the company, it has concluded a series A funding rounding to raise $20 million in addition to an earlier seed round of $4.5 million. Both the funding rounds were led by Redpoint Ventures and Index Ventures along with other investors, including Lenny Rachitsky of Airbnb, Elad Gil of Color Genomics and Cristina Cordova of Notion.

Reportedly, Transform has an innovative metrics engine that an enterprise can apply to its structured data. It is apparently a tool which is similar to what Big Tech companies have developed for their own use, but it has so far never been created for others.

The stimulus to develop the tool came to Nick Handel, the CEO; James Mayfield, the COO and Paul Yang, the software engineer at the time when they all worked at Airbnb.

Speaking on their offering, Handel stated that Transform can work with vast data collection from the warehouse, or the data that is being tracked in real time for producing insights and analytics regarding various actions related to a company’s products. It can also be utilized and queried by nontechnical people who need to deal with data, Handel added.   

In this regard, Mayfield stated that various prominent companies such as Uber, LinkedIn and Airbnb have started investing in metrics. However, such companies can devote teams 8 to 10 designers and engineers who can develop such tools indigenously. This is not the case with every other organization and that is when the idea behind the establishment of this company came. Mayfield cited.

Source credits: https://techcrunch.com/2021/06/17/transform-metrics/