A lot has changed in the world since we created the Data Observability category in 2018. Cloud transformation became a reality, data grew rapidly, and now more data is being created and consumed every single day. During the same time, we established our market leadership and brought a comprehensive Data Observability Platform that empowers enterprise data teams to build and operate great data products.
Today, I am thrilled to share the news that we have raised $50 million in Series C funding. This latest round of funding was led by March Capital, with additional investment from Sanabil Investments, Industry Ventures, and existing investor, Insight Partners. Our investors are operators who continuously extend themselves to the mission of the company.
Data Observability Market
Enterprise data volume and system complexity is increasing exponentially while data engineering teams are understaffed and hard to scale. 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.
Even though it has been challenging for the technology sector, the interest in data observability continues to grow. We are seeing data leaders demand solutions that solve data reliability, data platform modernization, operational pain points while staying within budget and delivering high data ROI.
The reality is that the majority of data teams are building revenue generating, mission-critical data products, but are missing purpose-built observability solutions to operate their data ecosystem. Previous generation APM tools cannot work for complex data pipelines as they were not built for data or for this level of complexity.
Growing Market Leadership
We had an impressive 2022, which netted 100% YoY growth of new logos in the Fortune 500. New customer wins for Acceldata included the largest telcos in the U.S. and the largest mortgage and insurance providers, which operate petabyte-scale data lakes and data warehouses.
We celebrated major milestones in 2022:
- The general availability of the Acceldata Data Observability Platform, the first and only data observability platform to address all four forms of data observability. We expect the features to grow significantly in the next few years. The leading indicators tell us that data teams are looking for effective multi-dimensional platforms that they can build and integrate with.
- Brought enterprise data observability to the Snowflake and Databricks ecosystems, which allows data teams to get end-to-end visibility across their data assets, costs, users, and data pipelines.
- Availability of the Acceldata Data Observability Platform on the AWS Marketplace.
- Announced the Open Data Platform, a perpetually free, supported Hadoop Open source data platform, now running at the world’s largest data companies. Enterprises need to experiment with cloud data technologies before they commit to a transformation path. Meanwhile, data will be hybrid across various infrastructures. Now, data teams can efficiently transform without being forced to migrate to unproven technologies.
We will continue to innovate and bring the best possible IP to enable enterprises with a comprehensive data observability platform providing spend intelligence, data reliability, and operational intelligence across the supply chain of data.
Additionally, we will utilize this investment to extend our leadership and:
- Expand our footprint into the Fortune 500 and Global 2000.
- Deepen our partnerships with Snowflake, Databricks, and leading Data and Analytics services providers including Wipro and others.
- Expand our integrations with cloud service providers and ISVs.
My sincere thanks to all our customers including Dun & Bradstreet, Verisk, Oracle, PubMatic, PhonePe (Walmart), and others for your confidence in our platform. We have learned so much about the space through your stories, experiences, and expectations.
It’s an exciting time - drop us a line to learn more!