Acceldata Raises $35 Mn In Series B Round
Acceldata, enterprise data observability cloud, on Wednesday announced to have raised $35 million in Series B round led by global venture capital and private equity firm Insight Partners with participation from new investor March Capital and existing investors Lightspeed, Sorenson Ventures, and Emergent Ventures.
In India, Acceldata will utilize one-third of the fund in R&D and building cutting-edge products in the data observability space. 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.
"Most companies don't have the expertise and resources to effectively manage their enterprise data systems," said Rohit Choudhary, chief executive officer and co-founder, Acceldata. "Our Data Observability Cloud is purpose-built to help businesses simplify 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."
Acceldata's products offer observability across data quality, data pipelines, and system infrastructure, in real-time, using sophisticated AI and machine learning algorithms. This helps Acceldata customers, like PhonePe (Walmart), Oracle, True Corporation, and PubMatic eliminate data complexity, scale data usage, and generate improved business outcomes. Although large organizations invest heavily in data and the related infrastructure to acquire, move, store, and process data, they face significant challenges in realizing the full potential of the data they collect. Acceldata operates as one integrated data observability solution, setting it apart from competitors.
"Acceldata leads the market with a cloud platform that delivers true data observability that is continuous and comprehensive for complex enterprises," commented George Mathew, managing director, Insight Partners. "Acceldata is unique because it handles data at rest as well as data in motion through the entire data pipeline with an enterprise architecture that is data source, infrastructure, and cloud provider-agnostic."
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 True Digital, among many others. Acceldata now has customers in eight countries and more than 100 employees across the world.
"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," explained Ashwin Rajeeva, co-founder and chief technology officer, Acceldata.
"Our mission is to provide complete data observability, so businesses can focus on growing their revenue by building great products and customer relationships," Rajeeva further said.
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