Investing in Steep

Posted: 3 Jul 2024

Revolutionising Business Intelligence for the Modern Data Stack

Two product founders obsessed with user-centricity.

A giant market category dominated by unloved legacy products.

A core technology shift in the data infrastructure.

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.

At Connect, we’re thrilled to partner with Johan and Nino, leading a $4m seed round along with existing investor inventures, and participation from Alliance VC, Antler and Greens.

Johan and Nino are redefining BI with an opinionated point of view and a fresh perspective. They are insiders with an outsider’s point of view. Johan was the former Head of Analytics at Spotify, iZettle and Kry, and Nino was the ex-Chief Design Officer at iZettle. They repeatedly saw overworked data teams and unhappy end users who couldn’t get the insights they needed. Together they combine deep market understanding with a zeal for user-centric design.

And this unwavering obsession with user centricity is central to Steep’s philosophy. The business’s core product opinion is to be metrics-first. This means even non-technical users can get insights effortlessly as they create and manipulate data without heavy reliance on technical teams. Steep truly changes how companies use data together. It “makes sense…common.” 😍

Companies like Voi love Steep.

"Steep has made a big impact at Voi by truly enabling all users to find and analyse data themselves with much lower dependency on data teams.”

Magnus Dahlbäck — Senior Director Data & Platform at Voi

Steep’s product advantage starts with its native architecture built for the semantic layer which enables real data governance and accessibility –  two current unsolved pain points. The semantic layer is also the optimal data structure for the integration of gen AI for report generation and conversational query capabilities, setting Steep up for getting ahead with AI powered automation.

The BI market is currently dominated by legacy giants such as Tableau, Looker and Microsoft Power BI. Expensive with poor user experience, they struggle to keep pace with the evolving demands of the modern data stack. Steep is poised to change of all this – and we’re delighted to be on the journey with them.