Cloud-based data integration platform Hevo Data raised $8 million in the recent Series A funding round. The investment round was led by Singapore-based venture capital firm Qualgro and Lachy groom. According to Tech Crunch, this brings the startup company’s total amount raised to $12 million.
Other existing investors who also participated in the Series A investment round include Chirate Ventures and Sequoia Capital via its India Surge program.
Founded in 2017 by chief executive officer Manish Jethani and chief technology officer Sourabh Agarwal, Hevo is a no-code data pipeline service that provides businesses access to a variety of integrated data from more than 150 sources, notes Tech Crunch.
The startup company’s service works by extracting, analyzing, and organizing data from sources based on the software used by clients before preparing it for its cloud-based storage system, states Tech Crunch.
With its platform, the startup firm can cater to a wide variety of industries, including healthcare, finance, and e-commerce. It currently has offices in Bangalore and San Francisco and has clients in 16 countries, including the United States, Australia, France, Hong Kong, and India.
Among the software-as-a-service (SaaS) startup’s clients is the United States-based payments firm Marqeta which is valued over $4 billion.
According to lead tech manager Puneet Bysani of Marqeta, “Hevo saved us many engineering hours, and our data teams could focus on creating meaningful KPIs that add value to Marqeta’s business. With Hevo’s pre-built connectors, we were able to get data from many sources into Redshift and Snowflake very quickly.”
Hevo also allows businesses to integrate sources of information that enable them to track their performance and company decisions, states Economic Times. In a statement, co-founder and CEO Jethani said, “We enable companies to eliminate data silos without having to set-up an engineering team to build and maintain complex integrations with multiple systems.”
Live Mint states that the funds will be allocated towards Hevo’s global expansion plan. Alongside it, the startup firm plans to boost its employees across its sales and marketing departments.
Tech Crunch states that the funding will also be used to further enhance the features and integrations on its platform.
Prior to the startup company’s successful series A investment round this 2020, Live Mint reports the cloud-based data integration firm has also raised $4 million in its seed funding round in October of 2019. The seed funding round was also led by Sequoia Capital’s Surge as well as Chirate Ventures.