Data observability startup Acceldata has secured an additional $10 million in funding, as an extension to its Series C round. This brings the total amount raised by the company to over $100 million. The latest funding comes from new investor Prosperty7 Ventures, and will be used to support Acceldata’s go-to-market efforts, mergers and acquisitions, research and development (particularly in Canada), and expansion into new geographic markets.
Key Takeaway
Acceldata has raised
0 million in an extension to its Series C round, bringing its total funding to over
00 million. The funding will be used to support the company’s go-to-market efforts, R&D, and geographic expansion.
Meeting the Growing Need for Data Observability Solutions
According to Acceldata co-founder and CEO Rohit Choudhary, there is an increasing demand for real-time observability solutions that can effectively manage the vast amounts of data being generated by organizations. As the adoption of data infrastructure, AI, and analytics continues to grow, companies require tools that can provide them with visibility into their data pipelines and ensure data health.
The Importance of Data Observability
Data observability has emerged as a critical trend in the big data space. Companies now recognize the importance of understanding, diagnosing, and managing the health of their data across various IT tools throughout the data lifecycle. Acceldata’s platform aims to address this need by monitoring data pipelines and infrastructure, and helping to investigate and resolve data quality issues in real time.
Acceldata’s Differentiation
Acceldata sets itself apart from competitors by monitoring an organization’s entire data supply chain, including data sources, data enrichment, data consumption, and associated costs. This comprehensive approach allows companies to identify and address issues that can impact the reliability and accuracy of their AI models, resulting in improved customer churn predictions and revenue forecasts.
Expanding Market Presence
While Acceldata faces competition from established players in the data observability market, the company is making strategic moves to maintain its position of strength. It recently acquired AI platform Bewgle, whose founders will lead the AI team at Acceldata and help expand the company’s AI-focused observability offerings. Additionally, Acceldata plans to grow its team, increasing the number of full-time employees from 216 to 250 by the end of the year.
Acceldata’s strong market presence is evident in its customer base, which includes notable organizations such as Oracle, Dun & Bradstreet, and Walmart’s PhonePe. The company has seen a doubling of its Fortune 500 client base year-over-year, further establishing itself as a leading player in the data observability space.
