Fivetran, an Oakland, California-based company that is redefining data pipelines, has announced that it has raised $15 million in Series A funding led by Matrix Partners. Ilya Sukhar, a partner at Matrix, is joining Fivetran’s board of directors in conjunction with this funding round.
In the past year, Fivetran saw 3x in revenue growth and 2x increase in customers. Some of Fivetran’s current customers include Square, WeWork, Classpass, Vice Media, Lime, Automattic, and Kiva. And the company’s technology can be integrated with over 100 data services such as Google BigQuery, Microsoft Azure, Amazon Redshift, Tableau, Periscope Data, Salesforce, NetSuite PostgreSQL, Snowflake, and Looker.
What does Fivetran do? The company replaces antiquated ETL models in data warehousing with automated data connectors. These self-driving data systems are optimal for cloud-based data warehouse environments.
And Fivetran’s technology replicates siloed data sources into a central data warehouse, which enables companies to take advantage of business intelligence tools. Managed data warehousing technology offloads the burden of massive increases in data. Fivetran launched out of the Y Combinator startup accelerator in 2012.
“Today’s businesses use hundreds of specialized cloud-based tools, and the old approach of highly configurable, human-powered data pipelines has become untenable,” said Fivetran co-founder and chief executive George Fraser. “Our automated approach solves the most painstaking step of building a data-driven company: centralizing all your data. We’ve replaced a year-long, IT-driven process with a setup wizard that can be completed in minutes by a business user.”
With this round of funding, Fivetran will build upon the demand for its cloud-based data replication services, scale operations, and increase the number of available enterprise features and data sources. Currently, Fivetran has 100 employees across its offices in Oakland, Denver, Bangalore, and Dublin.
“We’ve gone from companies talking about the move to the cloud to preparing to execute their plans, and the most sophisticated are making Fivetran, along with cloud data warehouses and modern analysis tools, the backbone of their analytical infrastructure,” added Sukhar. “Fivetran has developed and refined the technology to help accelerate this change. We are excited to work with the team to help the company aggressively scale moving forward.”
