Hevo Data raised $30 million in a new financing round after a strong year of growth.
The startup raised $30 million in a Series B round. The funding pushes the five-year-old startup all-time funding to $43 million.
Firms engage with many services and platforms for their business, such as marketing, engineering, and design. It is difficult for the firm as a whole to gain real-time visibility into it and take actionable decisions because the data they generate and rely on sits in silos.
Hevo Data has built a platform that makes it easy for firms to integrate and fetch data from different sources to one dashboard as well as to supply it to popular cloud data-warehouses such as Amazon Redshift.
Different parts of the company use different types of software. He said that if the data doesn't flow across different departments, nobody will have full visibility into what is happening.
If I have invested thousands of dollars in marketing, I would want to know how many people came and went from the platform and how many times they bought something. How much did I make per order? He said that this would help him inform how he should change his marketing spending. He said that he had to combine his marketing, orders, finance, and customer support data.
It was a challenge that Jethani faced in his previous startup, called SpoonJoy. Jethani realized that even larger firms face this challenge after moving to Grofers. He said that large companies like Amazon and Flipkart tend to have large workforces to tackle this.
Jethani said that the startup combines data from multiple disparate sources and applications to build a 360-degree view of their business and customers.
Hevo has some popular integrations.
Hevo is a no-code platform, which is one of the additional values. Individuals are not spending a lot of time establishing integrations to get the data to flow to a central hub, he said. Setting up an action on IFTTT is as easy as accessibility. Hevo has over 100 pre-built integrations across databases, cloud storage, and streaming services.
The startup said it has amassed over 1,000 customers across multiple categories in more than 40 countries and will deploy the fresh funds to develop new products as it moves to tap a bigger slice of the market. In the past year, the startup grew by 500%. One of the new offerings it is working on is an insight platform that will allow users to do analysis with the data they are gathering.
He said that a new product called "Reverse ETL" will help customers use their data beyond the use case.
Data has become one of the most important business inputs. Hevo Data is building infrastructure to enable bi-directional mobility of data, said Tejeshwi Sharma, MD at Sequoia India.
The more mobile data becomes within organizations, the more useful it will be. The secret behind the widely loved product is that it combines technical sophistication and consumer grade experience. The partnership with Hevo was doubled down by Sequoia Capital India.
