- Acceldata announced it has raised $50 million in Series C funding. These are the details.
Acceldata – a market leader in data observability – announced it has raised $50 million in Series C funding. This 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 Lightspeed, Sorenson Ventures, and Emergent Ventures since its inception. And the round will be used for accelerating innovation and expanding go-to-market efforts for its Data Observability Platform.
Enterprise data volume and system complexity is increasing exponentially as data engineering teams are understaffed and hard to scale. And 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% of enterprise data leaders expressed their plans to prioritize investments in systems to provide visibility and 85% plan to deploy data observability in 2023.
Acceldata is utilizing this investment to further expand its footprint into the Global 2000 while supporting the company’s existing partnerships with Snowflake, Databricks and the leading data and analytics services providers including Wipro and others. And 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.
Last year, Acceldata saw 100% year-over-year growth of new logos in the Fortune 500. And the 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.
KEY QUOTES:
“Enterprises face an unprecedented challenge to satisfy business demands for data at scale. 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.”
— Rajan Mehra, Partner at March Capital
“Data teams are building revenue generating, mission-critical data products, but are missing purpose-built observability solutions to operate their data ecosystem. We are rapidly innovating to enable enterprises with a comprehensive data observability platform, providing visibility across the supply chain of data.”
— Rohit Choudhary, CEO and Co-founder of Acceldata
“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.”
— George Mathew, Managing Director at Insight Partners
