Acceldata Secures $10M Series C Amid Significant Growth
Acceldata, a data observability company headquartered in Campbell, announced a $10 million investment from Prosperity7 Ventures. The raise follows the company’s previously announced funding round and brings Acceldata’s Series C funding to $60 million.
The company raised $50 million in capital back in February from lead investor March Capital to put toward expanding its product innovation. With its latest raise, Acceldata will invest in supporting go-to-market expansion. To date, AccelData has secured $100 million in funding.
Alongside the raise, Acceldata announced the appointment of several new executive leadership positions. The company brought on Mike McQuaid as chief revenue officer, Mahesh Kumar as chief marketing officer and Ramon Chen as chief product officer.
The new funding comes on the heels of a period of growth for Acceldata. The company has seen a 150 percent increase year-over-year in Fortune 500 companies adopting its platform, and it expanded its global presence with a new office in the greater Toronto area. Acceldata also recently completed its acquisition of AI platform Bewgle, a move that aims to enhance Acceldata’s data observability capabilities in the realm of AI and large language models.