Hevo Data raises $4 mn in seed round from Sequoia Surge, Chiratae Ventures

Hevo Data raises $4 mn in seed round from Sequoia Surge, Chiratae Ventures
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10 Oct, 2019

Unified data platform Hevo Data has raised $4 million in a seed funding round from Surge, a Sequoia Capital India initiative for early-stage startups and venture capital firm Chiratae Ventures.

Hevo Data is among the 12 Indian startups in the second cohort of Surge that also includes agritech startup Bijak, ecommerce platform Brick&Bolt, online coaching platform Classplus, hair product platform Freewill and nanotechnology company Log9 Material. 

The company plans to use the funds for product development and business expansion, founder and CEO Mahesh Jethani told TechCircle.

With the latest funding round, San Francisco and Bengaluru-based Hevo Data has so far raised $5 million. In 2017, the company had reportedly raised $1 million from Chiratae Capital.

Founded in 2016, Hevo Data offers data as a product offering to consumer-centric companies for making data-driven decisions. The data pipeline allows clients to bring together data from various silos to any destination.

Jethani, an Indian Institute of Technology, Roorkee alumnus, was the founder of meal delivery startup Spoonjoy, which was acquired by online grocery delivery firm Grofers. 

Neo bank Juno, also part of the second cohort, has raised $3 million in seed funding from Surge and blockchain startup investor Polychain Capital, The Economic Times reported.

Investment banking firm Dragonfly Capital, Consensys Labs, the venture capital arm of software firm Consensys, early-stage venture capital firm Astarc Venture, Singapore Angel Network and other angel investors including PayU India CEO Amrish Rau, former PayU executive Jitendra Gupta and blockchain platform Incrypt founder Nitin Sharma participated in the funding round.

Juno aims to provide users across the world high yield accounts to grow their savings.

Sequoia had launched Surge, its startup accelerator and incubator programme, in January with a plan to provide funds up to $1.5 million to around 10-20 early-stage startups.