In a dynamic move that reaffirms the relentless pursuit of data excellence, Acceldata, a leading data observability startup, has recently announced an additional $10 million investment in an extension to its Series C funding round. This boost catapults the total funds raised by the company to an impressive milestone of over $100 million. The injection of capital comes from the new investor, Prosperty7 Ventures, who took the helm in this funding tranche.
Acceldata, under the visionary leadership of its co-founder and CEO, Rohit Choudhary, is poised to leverage this funding infusion to invigorate its go-to-market strategies, fuel mergers and acquisitions initiatives, bolster research and development endeavors, with a special focus on the burgeoning tech hub of Canada, and extend its geographic footprint.
Choudhary remarked on the significance of this funding with a recent interview with TechCrunch, saying, “In the last five years, customers have added petabytes of data across their hybrid cloud infrastructures. This has created a massive need for real-time observability solutions to manage their data, and we’re huge beneficiaries of the long-term investments into data infrastructure, AI, and analytics.”
Data observability tools, which empower companies to comprehensively comprehend, diagnose, and maintain the health of their data across diverse IT tools throughout its lifecycle, continue to remain at the forefront of technology trends within the realm of big data. Notably, the enthusiasm in this space has recently manifested with venture capitalists pouring hundreds of millions of dollars into companies such as Cribl, Monte Carlo, and Coralogix, all of which are contributing to the burgeoning ecosystem of data observability.
Acceldata’s origins trace back to a seasoned team with experience at tech giants like Hortonworks, InMobi, 247.ai, and Zalando, who came together to establish the startup in 2018. The team’s collective insight led them to the conclusion that successful observability hinges upon tools that consistently support experimentation and measure progress. Most of the world’s most valuable companies are data-driven. These companies understand that in order to succeed with complex data systems, they need to understand what’s happening inside of their data pipelines. However, the vast majority of enterprises lack the expertise and bandwidth internally to build more advanced data observability systems. The result of this is that these organizations will often suffer from suboptimal operational capabilities and poor returns on their data investments.
Acceldata’s platform, however, endeavors to lower the barriers to entry by vigilantly monitoring data pipelines and infrastructure, providing invaluable assistance in the detection and remediation of data quality issues as they arise. What sets Acceldata apart in this landscape is its unique ability to comprehensively monitor an organization’s entire data supply chain. This includes monitoring data sources, data enrichment, data consumption, and associated costs.
For example, Acceldata can be deployed to identify incomplete or erroneous data in AI model training data sets, a crucial use case, as unreliable models can have profound impacts on critical business metrics such as customer churn and revenue forecasts.
Today, data leaders are unable to properly deal with several ongoing operational challenges such as performance consistency, data reliability, cost, and user experience. In order to handle these challenges, organizations need to apply AI and automation to achieve the proper level of visibility, which helps to reduce the time required to fixing issues within their systems. Data observability platforms allow data leaders to better focus their engineering talent on activating more data for a variety of new business use cases.
In a market worth an estimated $2.4 billion in 2023, poised to soar to $4.1 billion by 2028, Acceldata faces competition from industry heavyweights like Sifflet, Observe, and Manta. However, the company is resolute in maintaining its position of strength.
Recently, Acceldata made an astute acquisition by adding AI platform Bewgle to its arsenal. The founders of Bewgle will spearhead the AI team at Acceldata and work towards expanding the company’s AI-focused observability offerings. In addition to this strategic move, Acceldata intends to significantly grow its team, increasing its full-time employees from 216 to 250 by the end of the year.
Choudhary proudly notes that Acceldata, headquartered in Campbell, California, now boasts more than 150 customers, including industry giants like Oracle, Dun & Bradstreet, and Walmart’s PhonePe. Furthermore, the company has witnessed an extraordinary year-over-year doubling of its Fortune 500 clientele, underlining its prowess in the data observability space. With the recent infusion of fresh funding, Acceldata is poised to reshape the landscape of data observability and lead the way towards a more data-driven future for global enterprises.