Speed up datathe company behind a data observation platform used by multinational corporations, including Oracle and Verisk, announced today that it has raised $50 million in a Series C funding round.
Founded in 2018, San Jose-based Acceldata is one of a growing number of companies looking to help organizations understand the health of their data and identify any issues with data that may be spread across multiple clouds, applications, and systems.
With pre-built integrations for the likes of Snowflake, Databricks, BigQuery, Amazon Redshift and more, Acceldata can be used to assess the quality of a company’s data in transit or at rest, while also providing insight into the underlying infrastructure to their data pipelines.
“To build trust in data, the flow of information from multiple sources must be streamlined and efficiently managed through data pipelines,” Acceldata CEO and co-founder Rohit Choudhary explained to businessupdates.org. “This not only supports analytics initiatives, but also maximizes business value. In addition, the observability of data ensures that the data used for analytical and governance purposes is appropriate and fulfills its intended purposes.”
Acceldata in action Image credits: Acceledata
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Recession file?
Despite all the falling valuations, down-rounds, and layoffs impacting the tech world, there’s been a growing sense over the past year that the observability vertical could be a bit recession-proof. For example, the like ObserveMonte Carlo, Cribl, Manta and Coralogix all raised substantial amounts last year, while in the five short weeks of 2023 so far we’ve seen two fledgling observability startups in the form of Metaplane and Chaos Genius announcing $8.4 million and $3.3 million start-up funding rounds, respectively.
It’s worth noting that not all “observability” companies are created equal, with some focusing solely on more traditional application observability to help engineers gather metrics of their software performance, while others focus on data observability, but with a focus on one or two specific layers. such as ‘quality’ or ‘infrastructure’. Acceldata says it sets itself apart by covering a full range of layers across data infrastructure, quality, pipelines and users. This, it says, supports more use cases, including “spend intelligence,” which helps customers manage and predict their data processing costs, as well as give them insight into data reliability — so-called “bad data” can cost businesses a lot of money. calculation costs.
Previously, Acceldata had raised about $46 million, and with another $50 million in the bank, Choudhary said the new cash injection will help the company doubly spread the word about why data observability should be top of the agenda for data-driven businesses.
“Because the data industry is very broad, there continues to be confusion over terms such as the observability of data, creating a need to educate about the ‘what and why’ and the benefit to enterprises,” said Choudhary. “With this funding, Acceldata will also raise industry awareness through thought leadership, market education, and expanding and innovating products and services to better meet changing customer needs.”
Choudhary added that it plans to bolster the existing workforce by 100 through 2023, bringing the total number of employees to around 270. This is perhaps further evidence that data-driven software companies are well positioned to weather the current economic headwinds.
“Even in the current economic climate, investments in data continue to grow and our platform addresses the ongoing challenges data practitioners face,” noted Choudhary.
Acceldata’s Seres C funding round was led by March Capital, with participation from Insight Partners, Industry Ventures and Sanabil Investments.
