Data observability startup Acceldata lands $50M Series C funding

Data observability startup Acceldata lands $50M Series C funding

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Acceldata Inc., developer of a data observability platform, today is announcing that it has raised $50 million in new funding, bringing its total amount raised to nearly $100 million.

The Series C round comes less than two months after the vendor released its platform under an Apache open-source license in what it said was an effort to stabilize the product and promote the concept of data observability. Acceldata says there is a growing need for the functions it provides, citing a recent survey it commissioned that found that 85% of 200 data executives plan to deploy data observability in 2023.

Data observability is the practice of understanding the health and location of data across an organization for the purpose of troubleshooting and resolving quality issues before data moves into production. Gartner Inc. last summer called the practice “essential to support as well as augment existing and modern data management architectures.”

Plenty of runway

The funding is “a testament to how well we have executed and huge validation,” said Chief Executive Rohit Choudhary. The $50 million stockpile should provide ample operational support for the next two to three years and “we already had a lot left over” from the $35 million Series B round the company raised a little more than 16 months ago.

“We have a very good model in terms of how we manage our cash and where we do and don’t spend,” Choudhary said. “This gives us enough ammunition to conduct some acquisitions, should that opportunity present itself.”

The CEO said he expects to invest in “performance intelligence, data reliability and operational control” and may expand into data warehouse abuse protection and limited access controls.

Data observability is increasingly becoming the responsibility of the chief data officer and data engineering teams. “I have yet to meet with a CIO,” Choudhury said. “The separation of IT and data are very clear. While they may work together on sourcing, the goals are very different.”

Data engineering teams are increasingly borrowing from the discipline of site engineering and positioning themselves as service providers to entire companies, he said. “Other groups are looking for them to provide what they need in near real-time or real-time.”

The funding round was led by March Capital Management LLC with participation from Industry Ventures LLC, Sanabil International Investments Co. and existing investor Insight Partners Inc.

Image: Unsplash

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