Mindfuel, a data product management company, announced the closing of a €3.75 million seed funding round led by Project A Ventures. Mindfuel has developed an all-in-one data product management software that empowers professionals to unlock the full business potential of their organization’s data and AI efforts.
Every organization aims to monetize its data one day. But many organizations struggle to manage, steer, and monitor their data initiatives among all business functions, resulting in a lack of measurable and meaningful business impact from data. Data leaders have no comprehensive overviews and transparency of their data investments, making it hard for them to identify and prioritize the most valuable initiatives and justify the return on investment.
“The world of data is lacking the product mindset. We bring state-of-the-art product management into the world of data and AI to effectively increase the success of data initiatives in organizations and make the dream of data monetization a reality,” said Nadiem von Heydebrand, CEO and co-founder of Mindfuel. “Nowadays, every data leader is challenged to demonstrate the ROI of data initiatives. With Delight, they have everything they need at their fingertips to illustrate their value contribution to the company’s strategy and excite stakeholders and C-levels with their efforts”.
Founded in 2019, Mindfuel’s software ‘Delight’ changes this by incorporating product management into the value-creation process of data. With ‘Delight’, AI and data professionals can actively manage their data initiatives from a measurable financial impact perspective, and facilitate a goal-oriented conversation between data and business teams. The AI-driven portfolio management provides data teams with a clear overview of all their data products, which in turn supports both strategic prioritization and governance. In practice, ‘Delight’ accelerates a direct value contribution and supports the data monetization process, which when steered and reported on board- and C-level greatly, empowers strategic, data-driven decision-making.
“Data Product Management has become a foundational discipline within data teams today, especially in the US where many organizations have already hired data product managers,” Heydebrand emphazised. Mindfuel has been pioneering the space of data product management since 2020, and the company has interviewed hundreds of data leaders around the world to research the underlying problems, needs, and desires in the field.
“Creating measurable value from data and monetizing it is at the top of mind for many data leaders in 2024. Mindfuel drives this space and provides essential expertise to empower data leaders within their C-leadership role and board of directors,” added Dr. Florian Heinemann, General Partner at Project A Ventures and new board member at Mindfuel.
Mindfuel’s B2B enterprise SaaS solution is being launched in key European markets including Germany, Austria, UK, Sweden, Finland, Netherlands, Belgium, Switzerland, Czech Republic, Poland and Iceland. The funding round will accelerate the company’s go-to-market in Europe and the US and further develop the software with over a dozen enterprise customers in Europe.
