Acceldata raises $35 million in Series B funding led by Insight Partners
Acceldata, the world’s first enterprise Data Observability Cloud founded by two Indian founders, has raised $35 million in Series B, It wants to further expand its capabilities across data quality, data pipeline monitoring and system infrastructure to enable enterprises to achieve operational excellence, innovation agility and higher returns on their data initiatives.
The funding round was led by Insight Partners, a global venture capital and private equity firm, with participation from new investor March Capital and existing investors Lightspeed, Sorenson Ventures and Emergent Ventures.
Rohit Choudhary, Acceldata’s CEO and Co-Founder, said their Data Observability Cloud is purpose-built to help businesses simply complex data operations, expand data usage and meet growing business requirements, all while reducing costs and increasing data engineering productivity. “This investment from leading enterprise software VCs validates Acceldata’s vision. From day one, Acceldata focused on improving access to comprehensive data observability capabilities that improve data pipeline reliability and performance, while increasing data engineering team productivity.”
Ashwin Rajeeva, Acceldata’s Co-Founder and CTO, said data pipelines are like modern supply chains for digital information. “When they break, business grinds to a halt. Yet no one was providing an effective data observability stack and most companies don’t have the time, resources or capabilities to build their own. Our mission is to provide a complete data observability, so businesses can focus on growing their revenue by building great products and customer relationships.”
George Mathew, Managing Director, Insight Partners, said Acceldata leads the market with a cloud platform that delivers true data observability that is continuous and comprehensive for complex enterprises. “Acceldata is unique because it handles data at reset as well as data in motion through the entire pipeline with an enterprise architecture that is data source, infrastructure and cloud provider –agnostic.
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In India, Acceldata will utilize one-third of the fund in R&D and building cutting-edge products in the data observability space. In October 2020, when Acceldata raised its Series A round led by Sorenson Ventures, the company had tripled its revenue from 2019 to 2020 and added a variety of new Global 2000 customers, including Oracle, PubMatic and TrueDigital among many others.
Acceldata has customers across eight countries and more than 100 employees across the world. The company is also committed to expanding its engineering team in Bengaluru and plans to increase the current headcount from 90 to 220 by the end of 2022.
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