With the advent of cloud computing and the aggregation of massive quantities of data, many new services and experience have been enabled that harness that data in new ways. Big data companies that are able to infer insights from large data sets have been able to deliver meaningful value to consumers. However, the quantity of data often required to properly infer statistically significant insights is usually quite high. Accessing clean, structured, organized data becomes a challenge in itself. At the same time, Companies are increasingly on the hunt for data sets to leverage to improve their own internal products and systems. As a result, a large need for data is going unment.
To solve this problem, a company called Pentaho was launched in 2006 in Orlando Florida with a unique idea. The company allows businesses to monetize their data by allowing them to submit feeds to the Pentaho platform, which then anonymizes the customer data, cleans it and structures it. Pentaho then allows its customers to buy those data sets. In many cases, companies will both sell their data and buy relevant data set for themselves. Essentially, Pentaho is creating a platform that is allowing for disparate data sets to be aggregated and contributed towards developing new data powered solutions and products – along the way it creates a new revenue stream for companies.
Six years after its founding and with over $72mm in venture funding, Pentaho was acquired in October 2012 by Hitachi Corporation. The company created meaningful value and with few competitors, it was able to help expand development of data driven products around the world. To visualize its value proposition, Pentaho enables a grocer to monetize its point of sale register data on an anonymous basis while at the same time allowing that grocer to buy data on what time customers around the nation shop for milk, for instance. By enabling the transfer of data, Pentaho is an enabler in the big data revolution and has created value – and captured it – in a unique way.