Incorta Raises $30 Million Led by Sorenson Capital
SAN MATEO, Calif., August 15, 2019 -Incorta, the industry’s first no-ETL data warehouse, today announced it has closed $30 million in Series C funding led by Sorenson Capital, with participation from existing investors including GV, Kleiner Perkins, M12 (formerly Microsoft Ventures), Telstra Ventures, and major investor Ron Wohl. Incorta has raised $75 million in funding since its founding.
“As businesses race to become more data-driven and make real-time decisions across every aspect of their business, the volume and complexity of their data simply cannot be handled by the traditional ETL-based data warehouses,” said Osama Elkady, co-founder and CEO, Incorta. “This new funding, paired with explosive revenue and customer growth, provides a clear line of sight to grow the business and continue to drive innovation to meet growing customer demand.”
Traditionally, analyzing large volumes of complex business data required costly, time-consuming data warehouses and complicated snowflake and star schemas. Incorta’s Direct Data Mapping engine allows businesses to ingest source application data in their original form and analyze data without modeling and ETL overhead. The result is faster delivery of analytical applications with sub-second query response times which outperforms Oracle Exadata or SAP HANA by orders of magnitude.
“Incorta has been critical to Starbucks, enabling faster delivery of data engineering and analytics capabilities in the Finance and Supply Chain spaces,” said Chris Fallon, SVP, Corporate Technology, Starbucks. “Their product has empowered many technology and business partners by unifying valuable data from disparate sources. Incorta has worked to understand our business and our partner and customer focus, which has led to an incredibly positive relationship.”
Today’s announcement comes as Incorta experiences rapid revenue growth, major investments in product innovation, multi-million dollar customer deals, and industry partnerships, including:
- New and expansion deals with customers in key industries with a focus on financial services, retail, and manufacturing.
- 284 percent year-over-year growth in revenue during the trailing twelve months, driven by new industry partnerships and product innovation.
- 200 new employees added over the last six months with new offices in Chicago, Dubai, and Bangalore. Incorta also deepened its executive bench with the appointment of Maneesh Joshi as chief marketing officer and Johnny Botros as chief financial officer.
- Selection of Incorta as one of twelve startups that Microsoft is actively promoting and selling through its Microsoft AppSource certification, as well as induction to AWS’ Data & Analytics Partner Solutions program.
Sorenson Capital, who led this funding round, is a U.S.-based, growth-focused investment firm with over a decade of operational and investment experience building successful and transformational companies.
Rob Rueckert, managing director for Sorenson Capital, whose leadership and funding recently led three companies to IPO, recognized the market disruption that Incorta is leading in enterprise software as a key factor. “As every business in every industry races to find competitive advantage through faster access to data, Incorta is poised to upend the data warehousing market with innovative technology that will end 30 years of archaic and slow data warehouse infrastructure. This type of disruptive innovation enables Incorta to capture a large share of the big data market and we’re glad to join them in this exciting time for the company.”
With this funding, Incorta will continue to acquire top talent, invest in its Direct Data Mapping technology, and deepen relationships with the major public cloud providers to enable rapid deployment and reduced operational costs.
“Microsoft is pleased to support Incorta’s integration with Microsoft Azure Data Lake Storage,” said Tad Brockway, Corporate Vice President for Azure Storage, Media, and Edge at Microsoft. “Our vision is to enable enterprises to store and query their data from a cloud-based data lake such as Azure Data Lake Storage. Incorta’s solution of storing data in a standard Parquet file format enables the rich ecosystem of Azure analytics services and partner solutions to interoperate with this data, helping them realize the benefits promise of a single, unified data lake.”
Incorta delivers the industry’s first no-extract-transform-load (ETL) data warehouse that dramatically speeds up insights by paring down the unnecessary parts of data modeling and ETL that are costly, cumbersome, brittle and hold data-driven businesses hostage. With Incorta, IT can deliver new reports within minutes as opposed to weeks, and businesses can feed data curiosity by conducting real-time conversations with their data to make more accurate and timely decisions. Backed by GV, Kleiner Perkins, M12 (formerly Microsoft Ventures), Telstra Ventures, and Sorenson Capital, Incorta is deployed and powers analytics for some of the world’s largest and fastest-growing companies.
About Sorenson Capital
Sorenson Capital (www.sorensoncapital.com) is a private equity firm that makes middle-market buyout and growth equity investments. Sorenson Capital has more than $1 billion in capital under management and typically makes investments of $10 to $40 million in companies with unique strategic positions. Sorenson Capital is based in Salt Lake City, Utah.
Source: Incorta and Sorenson Capital