Acceldata: $10 Million Series C Funding Extension Raised

By Amit Chowdhry • Oct 11, 2023

Acceldata – the market leader in enterprise data observability – recently announced the company has achieved 100% year-over-year revenue growth and a $10 million Series C extension funding round from new investor Prosperity7 Ventures to drive its go-to-market expansion.

This funding round brings the company’s total capital raised to over $100 million as it reports significant corporate momentum fueled by customer growth, product innovation, global expansion, and the acquisition of Bewgle. Plus, the company has expanded its executive leadership by appointing Mike McQuaid as chief revenue officer, Mahesh Kumar as chief marketing officer, and Ramon Chen as chief product officer.

Acceldata continues seeing rapid customer growth, reporting 100% year-over-year revenue growth as more leading organizations recognize the value of its enterprise data observability platform to build best-in-class data products. And to support the needs of its growing customer base, Acceldata expanded its global presence into Canada by opening a new office in Kitchener, Ontario. The office brings the company’s footprint to three locations across North America and Asia, with 249 employees worldwide. The Ontario location more than doubled its employee headcount over the last four months to support the company’s customers, with plans to expand the team over the coming months.

In February of this year, Acceldata announced a $50 million Series C round led by March Capital, with additional investment from Sanabil Investments, Industry Ventures, and Insight Partners to expand its product innovation and leadership in the data observability market. This $10 million addition from Prosperity7 Ventures brings the total funding round to $60 million. It will enable the company to accelerate go-to-market efforts and deliver innovative observability solutions that address the rapidly expanding category. 

Industry veteran Mike McQuaid joined Acceldata as chief revenue officer (CRO) to lead the company’s go-to-market strategy. McQuaid has over 20 years of experience at organizations, including Hitachi Vantara, SAP, and CognitiveScale, with a proven track record of success managing large field-sales organizations. The company has appointed Mahesh Kumar as chief marketing officer (CMO) to drive global marketing strategy. Kumar joins with over 30 years of experience driving category leadership across technology markets at companies including Gitlab and Propelo (acquired by Harness). Ramon Chen has joined as chief product officer (CPO) with over 30 years of experience developing and executing product strategy for leading cloud platforms, SaaS applications, and infrastructure at companies including ActivTrak and Reltio. 

Last month, Acceldata acquired Bewgle to expand its best-in-class enterprise data observability capabilities into AI and large language models (LLMs). Led by Bewgle founders Ganga Kumar and Shan Shah (both former Google employees), the AI team will expand the company’s product offerings to ensure reliable and high-quality data pipelines across cloud, hybrid, and on-premises environments. 


“On the heels of our five year anniversary, our product has achieved a level of capability that it is routinely utilized within the world’s most complex and intricate enterprise data operations, where every day it processes business-critical data on a massive scale. As a pioneer and leader of the Enterprise Data Observability category, this funding by a premier investor Prosperity7, and addition of a world-class executive team, will propel our momentum further as we extend our best-in-class product offerings into new markets, shaping the future of the swiftly expanding category through AI-driven innovation.” 

  • Rohit Choudhary, CEO and co-founder of Acceldata