Latest News | Acceldata Raises USD 35 Mn, Plans to Use One-third to Fund R&D in India
Get latest articles and stories on Latest News at LatestLY. IT start-up Acceldata on Wednesday announced to have raised USD 35 million in Series-B funding round and plans to invest one-third of the amount in research and development (R&D) in India.
New Delhi, Sep 29 (PTI) IT start-up Acceldata on Wednesday announced to have raised USD 35 million in Series-B funding round and plans to invest one-third of the amount in research and development (R&D) in India.
The funding round was led by global venture capital and private equity firm Insight Partners with participation from new investor March Capital and existing investors Lightspeed, Sorenson Ventures and Emergent Ventures, the company said in a statement.
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"In India, Acceldata will utilise one-third of the fund in R&D and build cutting-edge products in the data observability space. The company is also committed to expanding its engineering team in Bengaluru and plans to increase the current headcount from 90 to 220 by the end of 2022," Accceldata said.
Acceldata provides observability solutions across data quality, data pipelines and system infrastructure, in a real-time manner, using sophisticated AI and machine learning algorithms.
"This investment from leading enterprise software VCs validates Acceldata's vision. From Day 1, Acceldata focused on improving access to comprehensive data observability capabilities that improve data pipeline reliability and performance, while increasing data engineering team productivity," Acceldata CEO and co-founder Rohit Choudhary said in the statement.
Acceldata co-founder and Chief Technology Officer Ashwin Rajeeva said the data pipelines are like modern supply chains for digital information. "When they break, business grinds to a halt."
"Yet, no one was providing an effective data observability stack, and most companies don't have the time, resources, or capabilities to build their own. Our mission is to provide complete data observability, so that businesses can focus on growing their revenue," he said.
In October 2020, when Acceldata raised its Series-A round led by Sorenson Ventures, the company had tripled its revenue from 2019 to 2020. The start-up now claims to have customers in eight countries and over 100 employees across the world. HRS hrs
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