Swedish Analytics Startup Steep Secures €4M Seed Funding to Revolutionize Business Intelligence

Stockholm-based analytics startup Steep has successfully raised €4 million in a seed funding round aimed at advancing its business intelligence tools. The round was led by Connect Ventures, with participation from existing investor Inventure, as well as Alliance VC, Antler, and Greens. This fresh influx of capital will be utilized to accelerate product development and expand Steep's reach to more companies globally.

Steep is making waves in the business intelligence sector by allowing users to input data requests using natural language. This innovation enables users to interact with a program that retrieves the required data, facilitating a more intuitive and accessible approach to data analysis. The platform allows companies to establish a catalog of metrics that all users can freely access to perform analyses and generate reports. This system democratizes data usage, making it accessible to all users, not just data analysts.

Johan Baltzar, Steep's Co-founder and CEO, emphasized the company's mission: "We built Steep to allow everyone to leverage data like they have the full support of a data analyst. To better support their organizations, data teams like the one at Voi are moving off legacy tools and choosing Steep to make data accessible and truly useful for everyone. The feedback has been incredibly positive."

To further enhance its offerings, Steep has announced the launch of an AI-enabled interface. This new feature aligns with Steep's commitment to providing users with an easy and intuitive way to explore data. With this interface, users can input their data requirements using natural language and then explore, share, or save the generated chart to a report.

Magnus Dahlback, Senior Director of Data and Platform at Voi, shared insights into the impact of Steep on their operations: "Using metrics instead of dashboards is definitely a mindset shift, but the benefits are worth it. It’s helping all our users to do much more on their own and allows our data team to work smarter and move faster."

The integration of AI into Steep's platform marks a significant step in making data analytics more user-friendly and accessible. This move is expected to simplify the data exploration process for users, enabling them to generate insights without needing extensive technical expertise.

Pietro Bezza, Co-Founder and Managing Partner of Connect Ventures, highlighted the factors driving their investment decision: "Top product founders obsessed by user-centricity. A giant market category dominated by unloved old products. A platform shift: Steep's is natively built for the semantic layer, the core technology shift occurring in the data infrastructure. These three are the ingredients that made us at Connect thrilled to partner with Johan and Nino. BI is the only layer in the new modern stack without a new multi-billion leader, and Steep is building the product to win it."

The €4 million seed funding will not only expedite Steep's product development but also enable the company to extend its innovative business intelligence solutions to a broader audience. The platform's ability to make complex data analytics accessible to non-specialists is poised to transform how companies handle and utilize data. This democratization of data analysis tools could lead to more informed decision-making processes across various industries.

As Steep continues to evolve, its commitment to user-centric development and innovation remains at the forefront. The introduction of AI capabilities and the focus on natural language processing are clear indicators of Steep's dedication to simplifying and enhancing the user experience. With the support of its investors and the positive reception from its users, Steep is well-positioned to become a leading player in the business intelligence market.

In summary, Steep's recent funding round is a testament to the growing demand for more accessible and user-friendly data analysis tools. By leveraging AI and natural language processing, Steep is set to revolutionize how companies interact with and benefit from their data, paving the way for a new era of business intelligence.