AI Startup Nomad Data closes seed round and launches new tools to get businesses the data they need

Photo: Brad Schneider, CEO of Nomad Data

Data is the new oil, an increasingly necessary and valuable asset that keeps companies running. Finding that resource, however, isn’t always straightforward. Not everything is easily found on Google, and datasets can be on one of the thousands of data broker sites, meaning that tracking down the data to get game-changing insights can have significant hurdles.

That is where Nomad Data, the data relationship management and discovery platform, comes in. For organizations looking to enhance data-driven decision-making, Nomad Data quickly puts the right data into the right knowledge worker’s hands at the right time. This helps businesses unlock more value from data and make smarter decisions to drive revenue growth and cost savings. 

With so much need for a solution like Nomad Data, the company just closed a $3.2 million funding round. This seed round was led by Struck Capital, and joined by TenOneTen, Bloomberg Beta, Correlation Ventures, Flair Ventures, Mike Montero, Geek Ventures, Alumni Venture Group, and Firat Isbecer, the CEO of Commencis.

“While the market size is large and quickly growing, there are numerous inefficiencies and problems, from data discovery, to qualification, contracting, management, and cross-team collaboration,” said Greg Stofman, Principal at Struck Capital. “Until Nomad, no product has been able to provide an end-to-end offering for external data sets that armed organizations with the ability to answer any business question in a centralized manner.”

The potential is vast: the third-party data market is a $76 billion annual market, with data marketplaces, which connect data sellers and buyers, a $26 billion annual market. The data world is made up of thousands of third-party data providers, meaning engaging with the right one often requires a lengthy search and vetting process. Nomad Data simplifies the process by vetting and collecting reputable data sellers in one place in an easy-to-use platform.

Whether it’s historical data about a competitor’s pricing, market data about a new customer demographic, or information about shipping delays of key supplies, Nomad Data helps businesses find exactly what they’re looking for quickly. Nomad doesn’t hold the data but keeps track of all the connections between a company and its vendor universe. Vendors and buyers then work through the selling, legal, compliance, and any other questions on their own.

Users outline the problem they are trying to solve, including optional filters like how frequently the data is updated, the desired format, and questions for potential suppliers. Nomad Data uses natural language processing to parse the request and searches its network of nearly 2,000 providers to identify a handful of possible matches. Users receive personalized responses to their queries within hours and then chat with providers directly.

“Decision makers used to be asked what they think,” said Brad Schneider, Nomad Data’s CEO, and co-founder. “Now they are also asked what they know and can observe.”

Even more ways to track data and gain insights with Nomad Data

Along with the seed funding round, Nomad Data announced this week the launch of two new solutions to help enterprises manage and discover data more broadly across their organization —Data Relationship Management (DRM) and the Enterprise Data Discovery. Nomad Data’s DRM lets users track all interactions and relationships around data, internal and external, just like a customer relationship management tool. Centralizing all data relationships means easy monitoring of data evaluations across teams, avoiding duplicative spend, and being alerted to pending renewals and upcoming opt-out dates.

The Enterprise Data Discovery platform brings the power of data to an entire organization, providing accounts for anyone who can benefit from addressing their business problems with data. The platform connects users to the appropriate data in minutes, with designated reviewers triaging requests to existing datasets or turning to the Nomad Data network when no internal solution exists. Over time organizations build a database of every data use case across the firm, allowing central teams to search every past data interaction, saving time and avoiding duplicative work.

Nomad Data was started by Brad Schneider in early 2020 after running Adaptive Management, a data analytics firm, where Schneider watched businesses run into the same issues over and over again. Businesses had a sense of the intelligence they wanted and understood their own use cases but didn’t know what was possible with the world of data. Translating these use cases into the right data sets wasn’t always something a non-tech giant could do. Nomad Data saw the opportunity to be the concierge of data for companies of any size.

“There is so much data out there that companies can utilize for growth,” Schneider said. “Businesses should have equal access to this invaluable resource.”

This post was authored by an external contributor and does not represent Benzinga's opinions and has not been edited for content. This content contains sponsored advertising content and is for informational purposes only and not intended to be investing advice.