[Funding alert] Hevo raises $8M in Series A round led by Qualgro
'No-Code' Data pipeline platform Hevo has raised $8 million in Series A funding led by Singapore-based VC firm Qualgro, along with independent investor Lachy Groom, a former executive at Stripe and investor in Notion, Figma and Front.
The round also saw participation from existing investors Sequoia Capital India's Surge and Chiratae Ventures. The company said the funding will be used to accelerate Hevo's global expansion plans. The startup has offices in Bengaluru and San Francisco, and aims to focus on expanding the team across sales, technology, and marketing.
Manish Jethani, co-founder and CEO, Hevo, said in a press statement shared by the company: “Our mission is to remove the technology barrier for non-technical users within companies and enable them to make smarter decisions with their data. Hevo enables companies to eliminate data silos without having to setup an engineering team to build and maintain complex integrations with multiple systems.”
Founded by IIT alumni Manish Jethani and Sourabh Agarwal in 2017, Hevo has customers across the US, India, Australia, France, and Hong Kong. One of its clients is the US-based payments company Marqeta.
Heang Chhor, Managing Partner of Qualgro, said in a press statement, “Hevo’s founders are globally-minded entrepreneurs that we like to support. They provide a truly innovative solution for extracting and transforming data across multiple data sources – in real-time with full automation. This helps enterprises to fully capture the benefit of data flowing through the many databases and software they currently use.”
Hevo's No Code Data Pipeline Platform solves the problem of data silos within minutes. The team adds that it is a completely self-serve and automated platform that allows analytics team to start using it without any dependencies on its internal engineering and IT.
"Hevo is an easy, flexible, and completely secure platform. It saved us many engineering hours, and our data teams could focus on creating meaningful KPIs that add value to Marqeta's business. With Hevo's pre-built connectors, we were able to get data from many sources into Redshift and Snowflake very quickly", said Puneet Bysani, Tech Lead Manager at Marqeta, in the press statement.
According to the company, several SMBs today use over 40 different SaaS applications. However, the different data silos prevent these companies from seeing the complete picture of a consumer's journey, thus making it difficult to monitor performance metrics and make real-time decisions. Since the structure of the data stored in each SaaS application is completely different, extracting and unifying data across different systems in real-time is a technically complex problem. This is where the company claims to help.
The statement added, "Customers across 20 countries already use Hevo to solve the problem of data integrations for multiple use cases such as monitoring key metrics in real-time, identifying new growth opportunities, discovering and resolving problems immediately."