O’Melveny Advises Acceldata in US$50 Million Series C FundingFebruary 09, 2023
FOR IMMEDIATE RELEASE
SILICON VALLEY—February 9, 2023—O’Melveny advised Acceldata, the California-based market leader in data observability, in its US$50 million Series C funding round.
The transaction was announced on February 8.
The funding round was led by March Capital, with participation from Sanabil Investments, Industry Ventures, and existing investor, Insight Partners. The Company has raised a total of US$100 million.
The O’Melveny team advising Acceldata was led by partner and Silicon Valley Office Head Paul Sieben, partner Warren Lazarow, and associates Amit Itai and Thasos Athens.
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Acceldata issued the following announcement:
Acceldata Announces $50 Million in Series C Funding to Expand Market Leadership and Product Innovation in Data Observability
Investment Led by March Capital Will Fuel the Next Phase of Growth
Campbell, Calif., – February 8, 2023 – Acceldata, the market leader in data observability, has raised $50 million in Series C funding. This latest round of funding was led by March Capital, with additional investment from Sanabil Investments, Industry Ventures, and existing investors, Insight Partners.
Acceldata has raised nearly $100 million in funding from top tier VCs including Lightspeed, Sorenson Ventures, and Emergent Ventures since its inception. The round will be used for accelerating innovation and expanding go-to-market efforts for its Data Observability Platform.
Enterprise data volume and system complexity is increasing exponentially while data engineering teams are understaffed and hard to scale. Operational complexity, failing data pipelines, unreliable datasets, and rising data management costs inhibit data ROI, and cause costly compliance failures for enterprises across all industries. In a recent survey conducted by Censuswide, 80 percent of enterprise data leaders expressed their plans to prioritize investments in systems to provide visibility, and 85 percent plan to deploy data observability in 2023.
“Enterprises face an unprecedented challenge to satisfy business demands for data at scale,” said Rajan Mehra, Partner at March Capital. “Acceldata is leading the charge for the data observability industry, giving operational control back to the data teams with meaningful insights and we’re very excited to join them along this ride.”
“Data teams are building revenue generating, mission-critical data products, but are missing purpose-built observability solutions to operate their data ecosystem,” said Rohit Choudhary, CEO and Co-founder of Acceldata. “We are rapidly innovating to enable enterprises with a comprehensive data observability platform, providing visibility across the supply chain of data.”
Acceldata is utilizing this investment to further expand its footprint into the Global 2000, while supporting the company’s existing partnerships with Snowflake, Databricks and the leading data and analytics services providers including Wipro and others. Acceldata is expanding its integrations with cloud service providers and ISVs, and continues to increase awareness of data observability as a must-have enterprise investment area.
“It’s been incredible seeing Acceldata’s accelerating growth in the most strategic customers’ data observability needs. Given its focus as an enterprise-scale platform, Acceldata is well-positioned to extend its lead in this mission-critical market,” said George Mathew, Managing Director at Insight Partners.
This news comes off the heels of an impressive 2022 for Acceldata, which netted 100% YoY growth of new logos in Fortune 500. New customer wins for Acceldata in 2022 included the largest telcos in the U.S. and the largest mortgage and insurance providers, which operate petabyte scale data lakes and data warehouses.
Other major product milestones in 2022 included:
- The general availability of the Acceldata Data Observability Platform, the first and only data observability platform to address all four forms of data observability.
- Availability of the Acceldata Data Observability Platform on the AWS Marketplace.
- Brought enterprise-grade data observability to the Snowflake and Databricks ecosystems.
- Announced the Open Data Platform, a free fully supported Hadoop open source data platform and several data observability libraries.
Founded in 2018, Campbell, CA-based Acceldata has developed the world's first enterprise data observability platform to help enterprises build and operate great data products. Acceldata's solutions have been embraced by global customers, such as Dun & Bradstreet, Verisk, Oracle, PubMatic, PhonePe (Walmart), DBS, and many more. Acceldata investors include Insight Partners, March Capital, Industry Ventures, Lightspeed, Sorenson Ventures, Sanabil, and Emergent Ventures. Contact us to learn about the benefits of data observability.
Kevin Boyle, Offleash PR
Girish Bhat, Acceldata