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.