Import.io, a web data integration solution provider, has closed a $15.5 million Series B funding round. The money will help Import.io accelerate global growth and expand its product offerings, which can help retailers derive insights from the data they have collected.
Data professionals spend about 75% of their time gathering and cleaning data, with only about 25% finding insights from the data, according to the 2018 IDC Business Analytic Solutions survey. Meanwhile, 90% of the world’s data was created in the last two years, and demand for data-driven insights is escalating, with the total spend on web data expected to hit $5 billion in 2019, according to Opimas Research.
“Businesses around the world are losing trillions of dollars due to lack of timely access to high-quality data,” said Gary Read, CEO of Import.io in a statement. “In fact, IBM estimates that poor-quality data costs businesses in the U.S. more than $3 trillion annually.”
Data analysis is particularly important for retailers: 56% of “growth CMOs” prioritize data and intelligence analysis as the top skill to help them evolve their growth agenda, according to a survey by CMO Council and Deloitte. Growth-oriented CMOs recognize the importance of properly analyzing and categorizing data to uncover what it means for their companies.