Hevo Data, which operates an eponymous data unification platform, said that it has raised $8 million in a Series A funding round led by Singapore-based venture capital firm Qualgro.
Returning investors Chiratae Ventures and Sequoia Capital India’s accelerator programme Surge also participated in the round, along with angel investor Lachy Groom, a former Stripe employee, as per a statement.
The company said that it will use the fresh funds to accelerate its global expansion and strengthen its technology, sales and marketing teams.
The software-as-a-service (SaaS) company last raised funds in October, when it received $4 million seed capital from Sequoia Surge and Chiratae Ventures. In 2017, the company reportedly raised $1 million from Chiratae Capital.
The San Francisco and Bengaluru-based company helps enterprises extract and unify data across different systems in real time. As enterprises grow, they adopt different SaaS applications across departments such as sales, marketing, operations and finance. These applications don’t interact with each other and the structure of the data stored in each application is different. This prevents companies from monitoring their performance metrics and making decisions in real-time.
Hevo has built a no-code data pipeline platform, which it claims can solve the problem of data silos within minutes. The fully automated platform allows businesses to bring together data from various silos to any destination and make data-driven decisions.
“Our mission is to remove the technology barrier for non-technical users within companies and enable them to make smarter decisions with their data. Hevo enables companies to eliminate data silos without having to set up an engineering team to build and maintain complex integrations with multiple systems,” Manish Jethani, co-founder and CEO of Hevo, said.
Founded in 2017 by IIT alumni Jethani and Sourabh Agarwal, Hevo currently serves clients across 20 countries, including the US, India, France, Australia and Hong Kong.
“They provide a truly innovative solution for extracting and transforming data across multiple data sources in real time with full automation. This helps enterprises to fully capture the benefit of data flowing through the many databases and software they currently use,” Heang Chhor, managing partner at lead investor Qualgro, said.
Qualgro, which focuses on Southeast Asia, Australia and New Zealand, invests at Series A and B stages in B2B technology companies that provide marketing platforms, business intelligence software, procurement solutions, research and development and HR systems. It has backed companies such as contract management startup SirionLabs and property listing platform NoBroker in India.