Acceldata has raised $50 million in Series C funding, making it the market leader in data observability. March Capital led the latest round of funding, with participation from Sanabil Investments, Industry Ventures, and existing investors Insight Partners.
Since its inception, Acceldata has received nearly $100 million in funding from top-tier venture capital firms such as Lightspeed, Sorenson Ventures, and Emergent Ventures. The funds raised will be used to accelerate innovation and expand go-to-market efforts for the company’s Data Observability Platform.
“Enterprises face an unprecedented challenge to satisfy business demands for data at scale,” said Rajan Mehra, Partner at March Capital. “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.”
Rohit Choudhary, CEO and Co-founder of Acceldata, added, “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.”
Enterprise data volume and system complexity are rapidly increasing, while data engineering teams are understaffed and difficult to scale. Operational complexity, failing data pipelines, untrustworthy datasets, and rising data management costs stifle data ROI and result in costly compliance failures for businesses across all industries. According to a recent Censuswide survey, 80 percent of enterprise data leaders intend to prioritize investments in systems that provide visibility, and 85 percent intend to deploy data observability by 2023.
Acceldata will use this investment to expand its footprint into the Global 2000, as well as to support the company’s existing partnerships with Snowflake, Databricks, and leading data and analytics service providers such as Wipro and others.
Acceldata is expanding its integrations with cloud service providers and independent software vendors, and it is raising awareness of data observability as a critical enterprise investment area.
This news follows an impressive 2022 for Acceldata, which saw a 100% YoY increase in new Fortune 500 logos. Acceldata’s new customers in 2022 include the largest telcos in the United States, as well as the largest mortgage and insurance providers, all of which operate petabyte-scale data lakes and data warehouses.