Houston-based software-as-a-service (SaaS) Riversand Technologies, which also has its operations in Bengaluru, raised an additional $10 Mn from its existing investor Crestline Investors, a US-based investment company. In 2017, Crestline, which is a credit-focused institutional alternative asset manager, invested $35 Mn in Riversand’s Series A funding round.
The company plans to use this additional capital to further develop its product through innovation, amplify its sales and marketing efforts, and accelerate growth in new geographies and market verticals.
Founded by Upen Varanasi in 2017, Riversand provides SaaS solutions in master data management (MDM) and product information management (PIM). In 2018, the company has launched its cloud-native data management platform.
In layman’s language, MDM is a method used to define and manage the critical data of a company along with data integration at a single point of reference. Moreover, MDM ensures the availability of consistent and accurate data source for transactions.
On the other hand, a PIM solution provides a single point of reference to collect, manage, and enrich product information of a company. It helps in creating a product catalogue and distributing to sales channels including ecommerce.
Riversand has experienced success in the data management market for almost two decades. With the delivery of its SaaS data management platform, Riversand claims to be changing the traditional PIM and MDM markets. Notably, companies such as Saint Gobain, Schneider Electric, Ulta Beauty, among others features in the list of Riversand’s clients.
For Crestline, Riversand is not the only data management startup in which it has invested. In 2018, Crestline has led a funding round for Actifio, a cloud data management company. Notably, it has also invested in SpringCM through a $220 Mn acquisition by DocuSign.
According to a Techsciresearch report, global master data management market stood at $ 1.6 Bn in 2019. Moreover, the market is projected to grow at a double-digit compound annual growth rate (CAGR) of 14% to reach $ 3.4 Bn by 2024 on account of increasing demand for managing a large amount of data.
Besides Riversand, Indian startups such as Infoworks, VAM Systems, AI Software, Comentum, Kays Harbor are easing the pain of managing data for companies worldwide.