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Hevo Data raises $30 million in Series B Funding

After growing 500% in 12 months, Hevo Data raises $30 million Series B Funding

Hevo Data, a SaaS startup that helps businesses gather troves of data they create and amass to make better use of it, has acquired $30 million in a fresh fundraising round. Sequoia Capital India led the $30 million Series B financing for the San Francisco and Bangalore-based startup. Qualgro, Lachy Groom, and Chiratae Ventures were among the other investors in the round, which brings the five-year-old startup’s total fundraising to $43 million. Existing investors such as Chiratae Ventures and Sequoia Capital Surge joined the new round of funding. 

Hevo Data is a bi-directional, no-code data pipeline platform designed specifically for ETL, ELT, and reverse ETL requirements. Hevo has clients in more than 40 countries spanning the United States, Europe, and Asia-Pacific. The firm claims to have increased its client base fivefold and seeks to expand its technological platform. 

The global market for data integration was valued at $8.1 billion in 2020 and is expected to rise at a CAGR of 13% to $17.1 billion by 2026, according to a report.

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According to Hevo, corporations have previously required huge engineering teams to handle the problem of data silos, but their no-code tool eliminates technological complications and can be used by even non-technical professionals to perform various data engineering tasks.

“We are very well-capitalised but given the large market opportunity and the high growth momentum — growing 500 percent in the past year, we received strong interest from the market and thus, decided to partner with Sequoia Capital India for our Series B”, Hevo Data co-founder and CEO Manish Jethani remarked, “Our no-code approach delivers an easy-to-use solution that reduces technological difficulties, removing data silos within enterprises.”

Earlier in July 2020, Hevo Data had raised $8 million in a Series A fundraising round headed by Qualgro, a Singapore-based venture capital firm, and Lachy Groom, an angel investor. It had previously raised $4 million in October 2019, spearheaded by Sequoia Capital Surge and Chirate. By the end of 2020, the Bengaluru and San Francisco-based startup had raised around $13 million in two rounds of funding.

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Srishty Bhardwaj
Srishty is well informed on the latest AI, data science and machine learning advancements. She enjoys listening to music irrespective of the genre. She has excellent communication skills and pays a strong attention to details and focuses on continuous improvement.

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