Hevo raises $30 million in funding from Sequoia Capital India, others
Hevo Data, a SaaS (software as a service) startup that offers an automated data pipeline platform, on Friday said it has raised USD 30 million (about Rs 228 crore) led by Sequoia Capital India. The series B round also saw participation from Qualgro, Lachy Groom, Chiratae Ventures and several marquee angel investors, a statement said.
The company plans to use the funds to scale sales and marketing efforts, double the focus on building new products, and build teams in the US and Europe, it added. Founded by Manish Jethani and Sourabh Agarwal in 2017, Hevo is an automated self-serve platform that loads data in a fast and reliable manner from any source into popular cloud data-warehouses such as Snowflake, Google BigQuery, Amazon Redshift, and others.
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Hevo helps companies combine data from multiple disparate sources and applications including sales CRM, advertising channels, marketing tech, financial system software, and customer support products to enable companies to get up-to-date, analysis-ready data in their warehouse and build a 360-degree view of their business and customers. Hevo operates in the data integration market, which is estimated to reach USD 17.1 billion by 2026.
“Our mission is to enable every company and every individual to unlock their true potential by leveraging data-driven decision-making. Traditionally, companies needed to build a large engineering team to solve this problem. Our no-code approach provides an easy to use solution which eliminates technical complexities, eliminating data silos within the companies,” Hevo Data co-founder and CEO Manish Jethani said.
He added that the company is very well-capitalized but given the large market opportunity and the high growth momentum – growing 500 per cent in the past year, it received strong interest from the market and thus, decided to partner with Sequoia Capital India for its series B round. Hevo currently has customers across over 40 countries in the US, Europe, and Asia Pacific regions. In the last year, it has grown its customer base by 5x.
The company plans to build more product capability by adding new integrations to enable customers to connect more data sources and build a single source of truth for their business.