Doubling Down on Omni: Building the Governed Context Graph for Enterprise AI
Deepening Our Partnership in the Infrastructure Enabling Trusted Data and AI for an Agent-Native World

Omni co-founders Jamie Davidson, Colin Zima, and Christopher Merrick

Doubling Down on Omni: Building the Governed Context Graph for Enterprise AI

Deepening Our Partnership in the Infrastructure Enabling Trusted Data and AI for an Agent-Native World
Portfolio Updates

Omni co-founders Jamie Davidson, Colin Zima, and Christopher Merrick

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https://www.iconiqcapital.com/growth/insights/doubling-down-on-omni-building-the-governed-context-graph-for-enterprise-ai

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When we first partnered with Omni last year, we believed the semantic layer would become critical infrastructure for the enterprise to drive value from AI. A lot has changed since then; the world has largely caught up to the vision Colin, Jamie, Chris and the Omni team believed for a long time.

The pace of AI adoption across the enterprise has accelerated dramatically, and with it, the stakes around data accuracy have risen sharply. The question is no longer whether companies can access their data. AI has largely solved that. Any employee can now ask a complex business question in plain English and receive an answer in seconds. The question is whether they can trust it. Every business speaks its own language, and that language does not live in columns; it lives in context. "Closed deals" and "revenue" mean something different to each team in a company, and sometimes to each contributor within one. Without a governed layer of business logic to ground AI outputs, speed can become a liability: the faster you get an answer, the faster you can act on the wrong one.

What is missing is not more data or better models. It is a system that encodes how a business actually works. That shift, from access as the constraint to trust as the constraint, is exactly what Omni anticipated, and what they've been building for.

Today, we are proud to lead Omni's Series C, doubling down and deepening our partnership with co-founders Colin Zima, Jamie Davidson, and Chris Merrick.

When we led the Series B, we backed a thesis: that the semantic layer would become critical infrastructure in an AI driven world, and that Omni's team had the rare combination of experience and conviction to build it right.

Drawing on decades of hard-earned experience building data and BI products at Looker, Google, Stitch, and dbt, Colin, Jamie, and Chris recognized early that AI for data is fundamentally a language problem, not a modeling problem. Traditional tools forced people to learn the schema. AI inverts that logic: The system typically must learn how the business actually thinks. Omni's governed context graph encodes that understanding, turning AI from something merely responsive into something reliably correct and grounded in trusted business logic.

Since we led Omni’s Series B last year, the pace of execution has been remarkable. The team has continued to ship with focus and speed, enabled in enormous ways by AI, expanding both the depth of the platform and its accessibility across a wide range of users, significantly lowering the barrier to data access while maintaining the trust and accuracy that enterprise use cases demand. Importantly, this governed context layer extends beyond Omni's native interface. Users can query governed data directly from tools like Claude, ChatGPT, and Gemini, with each query inheriting the same business logic and permissions. Users stay in the tools they already rely on; the data stays governed by Omni. That architectural choice positions Omni as the semantic foundation not just for analytics, but for an emerging system of AI agents operating across the enterprise.

This product-driven shift is reflected in how customers are adopting Omni as the product experience we believe has gone from amazing to truly magical. The company has not only won over enterprises, but also is deeply expanding within them, evolving from initial adoption to company-wide deployment as teams beyond data and analytics unlock the ability to access trusted data more quickly. BambooHR, where we sit on the board, is a strong example of this pattern. The company used Omni to deploy AI analytics to more than 30,000 people in just four months, quickly growing to over 100,000 public users today. This expansion pattern reflects a broader pattern of adoption we are seeing emerge across Omni’s customer base looking to democratize data insights for their end customers and users.

Looking ahead, we believe the opportunity extends far beyond any single product category. Analytics for the AI era is no longer about building dashboards, it is about building shared understanding so that both humans and machines can operate from the same source of truth. In our view, the future of work will be shaped by seamless interaction with live, trusted data embedded across everyday workflows. Omni’s semantic layer helps open the gateway to that future, connecting AI to real business context in a way that is governed, consistent and built to scale.

We are proud to deepen our partnership with a team that has demonstrated a clarity of vision and relentless pace of execution. As AI adoption accelerates, there is growing urgency for a centralized, governed layer that connects data to decision-making. We believe Omni is uniquely positioned to meet this moment and form the foundation upon which enterprise AI depends. 

We could not be more excited about what lies ahead for Omni. We encourage everyone to try it for themselves, it is truly magical!

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This presentation is for general information purposes only and does not constitute investment advice. This presentation must not be relied upon in connection with any investment decision. The information in this presentation is not intended to and does not constitute financial, accounting, tax, legal, investment, consulting or other professional advice or services. Nothing in this presentation is or should be construed as an offer, invitation or solicitation to engage in any investment activity or transaction, including an offer to sell or a solicitation of an offer to buy any securities which should only be made pursuant to definitive offering documents and subscription agreements, including without limitation, any investment fund or investment product referenced herein.

Any reproduction or distribution of this presentation in whole or in part, or the disclosure of any of its contents, without the prior consent of ICONIQ, is strictly unauthorized.

This presentation may contain forward-looking statements based on current plans, estimates and projections. The recipient of this presentation ("you") are cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. The numbers, figures and case studies included in this presentation have been included for purposes of illustration only, and no assurance can be given that the actual results of ICONIQ or any of its partners and affiliates will correspond with the results contemplated in the presentation. No information is contained herein with respect to conflicts of interest, which may be significant. The portfolio companies and other parties mentioned herein may reflect a selective list of the prior investments made by ICONIQ.

Certain of the economic and market information contained herein may have been obtained from published sources and/or prepared by other parties. While such sources are believed to be reliable, none of ICONIQ or any of its affiliates and partners, employees and representatives assume any responsibility for the accuracy of such information.

All of the information in the presentation is presented as of the date made available to you (except as otherwise specified), and is subject to change without notice, and may not be current or may have changed (possibly materially) between the date made available to you and the date actually received or reviewed by you. ICONIQ assumes no obligation to update or otherwise revise any information, projections, forecasts or estimates contained in the presentation, including any revisions to reflect changes in economic or market conditions or other circumstances arising after the date the items were made available to you or to reflect the occurrence of unanticipated events. Numbers or amounts herein may increase or decrease as a result of currency fluctuations.

For avoidance of doubt, ICONIQ is not acting as an adviser or fiduciary in any respect in connection with providing this presentation and no relationship shall arise between you and ICONIQ as a result of this presentation being made available to you.

ICONIQ is a diversified financial services firm and has direct client relationships with persons that may become limited partners of ICONIQ funds. Notwithstanding that a person may be referred to herein as a "client" of the firm, no limited partner of any fund will, in its capacity as such, be a client of ICONIQ. There can be no assurance that the investments made by any ICONIQ fund will be profitable or will equal the performance of prior investments made by persons described in this presentation.

Any information in this presentation is directed at, and intended for, only persons who are experienced institutional or professional investors (“professional investors”) as defined by applicable law and regulation. Any person that is not a professional investor is not an intended recipient of this presentation and the matters discussed herein.

ICONIQ is a trading name of ICONIQ Partners (UK) LLP. ICONIQ Partners (UK) LLP (Registration Number: 973080) is an appointed representative of Kroll Securities Ltd. (Registration Number: 466588) which is authorised and regulated by the Financial Conduct Authority. ICONIQ Partners (UK) LLP is a limited liability partnership whose members are ICONIQ Capital (UK) Ltd, Seth Pierrepont and Lou Thorne, and it is registered in England and Wales and has its registered office at 27 Soho Square, London W1D 3QR. ICONIQ Partners (UK) LLP acts as an adviser to ICONIQ Capital LLC