The Series B round drew participation from Insight Partners, GGV Capital, and Bloomberg Beta, among others.
Tonic, a synthetic data generation technology provider, has raised $35M in a Series B round. This round drew participation from Insight Partners, GGV Capital, and Bloomberg Beta, among others.
How’s the company performing?
- California-based Tonic deidentifies production data to create mock data sets that developers can use to test and build their software.
- The mock data sets preserve the characteristics of the originals.
- The company currently has about 40 employees across 4 continents.
- Tonic’s customers include eBay, Everywell, Alegeus, Flexport, and Rollbar.
- The company’s revenue has grown 500% over the past year.
Why does the market matter?
- The global test data management market is projected to grow at a CAGR of 12.7% and reach a value of $1.06B by 2022, according to Markets and Markets.
- The increasing use of machine learning and AI by developers and the cybersecurity concerns stemming from those efforts have contributed to industry growth.