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.
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.
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:
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:
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!
Sincerely,
Rohit
Photo by Eric Weber on Unsplash