Acceldata, a leader in the field of data observability, has secured $50 million in Series C funding. The investment was led by March Capital and joined by Sanabil Investments, Industry Ventures, and Insight Partners, among others. With this funding, Acceldata plans to accelerate innovation and expand its go-to-market efforts for its Data Observability Platform.
Decoding the problem
Data engineering teams are facing an increasing challenge of managing complex and expanding data volumes, which often leads to costly compliance failures and inhibiting data ROI. A recent survey showed that 80% of enterprise data leaders plan to prioritize investments in systems that provide visibility and 85% plan to deploy data observability in 2023. Acceldata aims to support these enterprises with its comprehensive data observability platform.
This funding will allow Acceldata to increase its reach into the Global 2000 and expand its integrations with cloud service providers and ISVs. The company will also continue to raise awareness of data observability as an essential enterprise investment area.
Acceldata had a successful 2022, with 100% YoY growth in new logos among Fortune 500 companies. The company also achieved several product milestones, including the general availability of its Data Observability Platform, its availability on the AWS Marketplace, bringing enterprise-grade data observability to Snowflake and Databricks ecosystems, and announcing the Open Data Platform, a free and fully supported Hadoop open source data platform.
Acceldata was founded in 2018 and has since gained global recognition for its innovative data observability solutions. The company has a range of investors, including Insight Partners, March Capital, Industry Ventures, Lightspeed, Sorenson Ventures, Sanabil, and Emergent Ventures.