To compete for a share of the burgeoning SaaS industry, which is expected to grow by 19.7% over the next six years, companies in the crowded SaaS space must improve product development, find hidden market opportunities, and complete work with fewer incorrect steps.
Houseware has developed a platform that ingests data, a startup with offices in California and Singapore to aid businesses in their efforts. Houseware has raised $2.2 million from angel investors, including executives from Snowflake, Superhuman, Stripe, Zendesk, and other well-known, scaled-up SaaS startups.
In addition, Tanglin Ventures Partners, GTMfund, and Better Capital contributed to the round. Co-founder and CEO of Houseware, Divyansh Saini, had the opportunity to collaborate with WeWork, Postman, and Plaid while working at data analytics firm Atlan.
As a result, Saini observed a discrepancy between what revenue teams wanted from those numbers and how data teams, for example, talked about metrics. The data team spends weeks modeling data for specific use cases, but "[traditionally], the data team sits farther away from the challenges and is considered a service function," Saini added.
Shubhankar Srivastava and Saini started houseware in 2021 with the simple goal of figuring out what it would take to shift the value of the data warehouse from data and engineering teams to the revenue department within enterprises.
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Houseware hopes to get SaaS firms closer to leveraging data more effectively in their everyday use cases across enterprises by providing an easy-to-use, no-code interface for operations and revenue teams.
Saini said that houseware enables users, for instance, in the customer success team, to model information on the fly regarding product pricing, which finance teams can subsequently use as they think about changing those prices.
This is noteworthy because, even though tools like Snowflake have simplified dealing with enormous amounts of data at scale over the past five years, Saini claims that most firms' revenue teams have yet to experience this paradigm change.
Enterprise SaaS providers with more than 1,000 workers are houseware's target market. The corporation lists revenue, marketing, sales teams, and marketing and finance analysts as its end users. As a crucial statistic, houseware tracks the proportion of employees actively utilizing its platform across all businesses.
According to Saini, who frequently talks about "democratizing access," up to 30% of an organization's employees use houseware regularly. Over the past few quarters, it has added users from public SaaS businesses, the fastest-growing ed-tech companies, and SaaS companies, among others.
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According to Saini, Houseware sees Clari and People.ai as its main rivals, along with specific horizontal platforms like Thoughtspot.
Additionally, he said that firms like Retool, which received $45 million at a $3.2 billion valuation last year, and Streamlit, which purchased Snowfake for $800 million, respectively, had popularized the space for developers and data scientists; Houseware seeks to do the same for non-technical customers.
According to Saini, it is "currently building out a layer of intelligence on top of customer data to solve for use cases like forecasting the danger of churn" and "generating intelligent account health ratings on top of customer data" using AI and ML approaches.
In Q2 and Q3 of 2023, the startup plans to make these available to its clients, Saini added. The business also intends to expand its workforce, hire individuals for go-to-market positions in the United States, and strengthen its alliances with Snowflake and dbt Labs.
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Saini stated, "executives across the revenue function are under tremendous pressure to discover growth opportunities. However, a lot will depend on strict, methodical, top-decile business performance since investors are concerned with strong unit economics and the road to profitability.
Across SaaS organizations, "data and metrics have come into sharp focus over the past six months with board meetings now seeking answers to the cost of client acquisition, which lead channels are working the best, or how product usage ties to churn," Saini said in its statement.
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