Acceldata Secures $50M to Power Data Observability at Scale
No matter how convoluted enterprise data systems may become in today’s increasingly digitized world, Acceldata wants to help organizations take control of these growing ecosystems. The Campbell-based company announced a $50 million Series C funding round to enhance its data observability platform.
March Capital led the round, which brings Acceldata’s total funding raised to almost $100 million. Investors have continued to back Acceldata’s solution in time with increasing enterprise data volume and heightening system complexity.
Acceldata helps companies build and operate data products with tools that address operational intelligence and spend intelligence as well as data reliability.
Founded in 2018, Acceldata announced the general availability of its data observability platform last year. Today, its customer base includes names like Dun & Bradstreet, Verisk and Oracle.
“Data teams are building revenue generating, mission-critical data products, but are missing purpose-built observability solutions to operate their data ecosystem,” Rohit Choudhary, Acceldata’s co-founder and CEO, said in a statement. “We are rapidly innovating to enable enterprises with a comprehensive data observability platform, providing visibility across the supply chain of data.”
As it works to pursue its mission, Acceldata has a variety of plans for its new capital. For starters, the company wants to accelerate platform innovation and expand go-to-market efforts. It also plans to further its existing partnerships with data ecosystems Snowflake and Databricks and analytics company Wipro. The round will also help Acceldata incorporate new platform integrations.
Having seen 100 percent year-over-year growth in customer acquisition in 2022, this latest capital round will help Acceldata enter its next phase of growth. The company is on the lookout for a handful of new team members for its Campbell office. Open roles span marketing and HR, as listed on its careers page.