Acceldata raises $50M to help companies solve complex data challenges via its data observability platform
We’re living in a world where almost every device is connected to the internet. According to estimates, 2.5 quintillion bytes of data are generated every day. However, making sense of even petabytes of data is a daunting task, especially for large enterprises that rely on data as their lifeblood.
Over the years, enterprise data volume has increased exponentially. That’s not all. Software systems have become more and more complex making it harder to scale for the understaffed data engineering teams. That’s why one tech startup is aiming to help enterprises and provide a better solution to address their data challenges.
Enter Acceldata, a data observability platform that helps companies solve complex data challenges to ensure the success of the huge investments being made in large-scale, complex data systems. The platform provides real-time operational insights into enterprise data analytics and AI systems. It synthesizes signals across infrastructure, application, and data layers to provide a comprehensive understanding of individual components, data pipelines, and systems.
To further expand its footprint into the Global 2000, Acceldata announced this week it has raised $50 million in Series C funding. The round was led by March Capital, with additional investment from Sanabil Investments, Industry Ventures, and existing investors, Insight Partners.
To date, Acceldata has raised nearly $100 million in funding from high-profile VCs including Lightspeed, Sorenson Ventures, and Emergent Ventures since its inception. The round will be used for accelerating innovation and expanding go-to-market efforts for its Data Observability Platform.
Acceldata will also use the fresh cash infusion to support its existing partnerships with Snowflake, Databricks, and the leading data and analytics services providers including Wipro and others. Acceldata is expanding its integrations with cloud service providers and ISVs, and continues to increase awareness of data observability as a must-have enterprise investment area.
Founded in 2018 by CEO Rohit Choudhary, CTO Ashwin Rajeeva, and Gaurav Nagar, the Campbell, CA-based Acceldata has developed the world’s first enterprise data observability platform to help enterprises build and operate great data products. Acceldata’s solutions have been embraced by global customers, such as Dun & Bradstreet, Verisk, Oracle, PubMatic, PhonePe (Walmart), DBS, and many more. Acceldata investors include Insight Partners, March Capital, Industry Ventures, Lightspeed, Sorenson Ventures, Sanabil, and Emergent Ventures. Contact us to learn about the benefits of data observability.
Today, operational complexity, failing data pipelines, unreliable datasets, and rising data management costs inhibit data ROI, and cause costly compliance failures for enterprises across all industries. In a recent survey conducted by Censuswide, 80 percent of enterprise data leaders expressed their plans to prioritize investments in systems to provide visibility, and 85 percent plan to deploy data observability in 2023.
“Enterprises face an unprecedented challenge to satisfy business demands for data at scale,” said Rajan Mehra, Partner at March Capital. “Acceldata is leading the charge for the data observability industry, giving operational control back to the data teams with meaningful insights and we’re very excited to join them along this ride.”
“Data teams are building revenue generating, mission-critical data products, but are missing purpose-built observability solutions to operate their data ecosystem,” said Rohit Choudhary, CEO and Co-founder of Acceldata. “We are rapidly innovating to enable enterprises with a comprehensive data observability platform, providing visibility across the supply chain of data.”
This news comes off the heels of an impressive 2022 for Acceldata, which netted 100% YoY growth of new logos in Fortune 500. New customer wins for Acceldata in 2022 included the largest telcos in the U.S. and the largest mortgage and insurance providers, which operate petabyte-scale data lakes and data warehouses.
“It’s been incredible seeing Acceldata’s accelerating growth in the most strategic customers’ data observability needs. Given its focus as an enterprise-scale platform, Acceldata is well-positioned to extend its lead in this mission-critical market,” said George Mathew, Managing Director at Insight Partners.