[Funding alert] California startup Acceldata raises $35M in Series B round
Enterprise data observability cloud startupon Wednesday raised $35 million in Series B round led by global venture capital and private equity firm Insight Partners, with participation from March Capital and existing investors Lightspeed, Sorenson Ventures, and Emergent Ventures.
The startup will utilise one-third of the fund towards research and development and building cutting-edge products in the data observability space.
Besides expanding its engineering team in Bengaluru from 90 to 220 by the end of 2022, it aims to expand 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.
Founded by Rohit Choudhary, Ashwin Rajeeva, Gaurav Nagar, and Raghu Mitra Kandikonda in 2018, the startup’s data observability cloud helps businesses simplify complex data operations, expand data usage, and meet growing business requirements.
Speaking on the development, Co-founder and CEO Rohit said, "Most companies don't have the expertise and resources to effectively manage their enterprise data systems, and this investment from leading enterprise software VCs validates our vision.”
George Mathew, Managing Director of Insight Partners, said, "Acceldata is unique because it handles data at rest and data in motion through the entire data pipeline with an enterprise architecture — data source, infrastructure, and cloud provider-agnostic."
The Palo Alto, CA-based startup raised its Series A round led by Sorenson Ventures in October last year. it claims to have tripled its revenue from 2019 to 2020 and has onboarded Forbes Global 2000 companies across eight countries like Oracle, PubMatic, and True Digital.
"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," said Ashwin Rajeeva, Co-founder and CTO, Acceldata.