Data observability cloud Acceldata has raised $35 Mn in Series B led by private equity firm Insight Partners to further expand its capabilities across data quality, data pipeline monitoring, and system infrastructure.
The round also saw the participation of March Capital and existing investors Lightspeed, Sorenson Ventures, and Emergent Ventures.
In India, the startup will utilise one-third of the fund in R&D and in building cutting-edge products in the data observability space. The company also plans to expand its engineering team in Bengaluru and also aims to increase its headcount from 90 to 220 by the end of 2022.
Acceldata’s products offer observability across data quality, data pipelines, and system infrastructure, in real-time, using AI and machine learning algorithms.
Its clientele includes PhonePe, Oracle, True Corporation, and PubMatic.
Acceldata raised its Series A funding of $8.5 Mn in October 2020 led by Sorenson Ventures with participation from Lightspeed and Emergent Ventures.
Founded in 2018 by Rohit Choudhary, Ashwin Rajeev, the Palo Alto and California-based startup has offices in Bengaluru and Singapore. It has customers in 8 countries and more than 100 employees across the world.
Enterprise tech startups have witnessed massive growth in the past few years and the pandemic has only added to the growth momentum.
The latest major development in the enterprise tech space was the bumper listing of SaaS startup Freshworks on the NASDAQ with market capitalisation of over $13 Bn. Currently, its market cap is just over $12 Bn.