29. September.2021 – California-based Acceldata, an enterprise data observability cloud startup announced that it raised USD 35 Million in a Series B round. This funding round was led by Insight Partners, global venture capital and private equity firm.
The participants of this round were March Capital and existing investors like Sorenson Ventures, Emergent Ventures and Lightspeed Ventures.
The utilisation of the capital raised – Acceldata will utilise this funding’s one-third part to fund its Research and Development, and building top-notch 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.
Words from the investors –
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.”
About Acceldata –
Acceldata was initiated by Rohit Choudhary, Ashwin Rajeeva, Gaurav Nagar, and Raghu Mitra Kandikonda in 2018. It is a data observability cloud that aids businesses to simplify complex data operations, meet growing business requirements, and expand data usage.
The Palo Alto, CA-headquartered 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 2000 new global clients across eight countries, including Oracle, PubMatic, and True Digital.
Till now the startup has raised capital in three rounds, and the sum of the amount it has accumulated is USD 45 Million, according to Crunchbase. There are 5 lead investors of the company in which Emergent Ventures and Insight Partners are the most recent ones.
Words from the co-founders –
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.”
“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.
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