Acceldata Raises $50M Series C
Acceldata announced it has raised $50 million in Series C funding. The fresh capital will be used for expanding the development and marketing of the company’s Data Observability Platform, the company said in a statement.
Acceldata’s observability platform provides visibility on data pipeline performance and data quality throughout the entire data stack. Using AI and machine learning, the system looks at all connected data to optimize and predict how data performs, allowing users to predict and correct potential issues such as lack of resources and cost overruns.
Data observability will continue to be a hot topic in 2023, according to some predictions. Data volume and data architecture complexity are simultaneously increasing, leaving businesses vulnerable to operational challenges, failing data pipelines, unreliable datasets, and rising data management costs, Acceldata warns. A recent Censuswide survey found that 80% of enterprise data leaders are planning to make data observability an investment priority, and 85% of those surveyed plan to deploy observability tools in the next 12 months.
“Enterprises 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’ll continue to rapidly innovate and enable enterprises with a comprehensive data observability platform, providing visibility across the supply chain of data.”
The latest funding round was led by March Capital with additional investment from Sanabil Investments, Industry Ventures, and existing investors, Insight Partners. Acceldata has raised nearly $100 million in funding from VCs including Lightspeed, Sorenson Ventures, and Emergent Partners. Acceldata says it will use this investment to further expand its footprint into the Global 2000, as well as support its existing partnerships with Snowflake, Databricks, and service providers including Deloitte and Wipro. The company is also looking to expand its integrations with cloud providers and ISVs.
Acceldata had a lively year in 2022. The company announced the general availability of its Acceldata Data Observability Cloud in August: “Acceldata is a cloud agnostic company that offers data observability solutions for enterprises no matter where they are on the data journey,” CEO Choudhary said in a statement at the time of the cloud platform’s release. “As our mission is to make interactions with data flawless, the Acceldata data observability platform enables enterprises to build and operate great data products by improving efficiency, reducing risk and addressing key challenges such as data sprawl, tech sprawl and reliability of data.”
In addition to partnerships with Snowflake and Databricks last year, the company also announced its Open Data Platform, which consists of an open source data platform and multiple data observability libraries: “With the unrelenting data deluge, enterprise data observability continues to be an emerging, high-growth market,” said Ashwin Rajeeva, co-founder and CTO of Acceldata. “Our founding team has contributed extensively to Apache projects over the years. We know that a reliable, low cost data platform that’s in step with the latest Apache open-source code will not only help to advance innovation in data observability but also benefit from the larger community collaboration with a shared mission.”
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