Incorta Inc., a startup with a platform that enables companies to aggregate business records from different sources and analyze them in one place, has raised $120 million in a new late-stage funding round to expand go-to-market activities.

Announced this morning, the Series D round was led by Prysm Capital with participation from Alphabet Inc.’s GV fund, Microsoft Corp.’s M12 startup investment arm and others. Incorta has raised more than $192 million in total funding to date. 

Enterprises typically rely on several different tools to support their analytics projects. They use ETL, or extract/transform/load, tools to pull the data they wish to process from the systems where it’s stored. Companies then move the records into a data warehouse for analysis and often also leverage additional tools to perform the numerous auxiliary tasks involved in turning raw business information into insights.

Incorta says its platform eliminates the need to use multiple tools by providing an expansive set of features covering the entire analytics workflow. The platform can extract information from databases and other systems of record, centralize it in a single repository for processing, run analyses and then visualize the analysis results as graphs.

One of Incorta’s flagship features is a homegrown technology it calls Direct Data Mapping. Normally, before companies can analyze business records, they have to make modifications to the way the data is organized or perform some of the calculations involved in the analysis ahead of time. Direct Data Mapping removes the need for such preparation, which the startup says can speed up analytics projects by reducing manual work.

Another benefit is that, because the business records don’t have to be modified before analysis, there’s no risk of information being lost during the data preparation phase. Keeping information in its original form can in theory enable analysts to glean a more accurate picture of a company’s operations. Reducing the number of data modifications also ensures that all the users in a company are working with the same, consistent version of the firm’s information.

For analysts looking to harness artificial intelligence algorithms as part of their data crunching projects, Incorta includes a built-in machine learning library. The library provides pre-packaged code components for common machine learning use cases. Users can run the AI models they deploy on Incorta using a built-in implementation of Spark, a popular open-source framework for large-scale data processing.

Broadcom Inc., Cisco Systems Inc. and Comcast Corp. are some of the large enterprises that rely on Incorta to power their analytics projects. The startup says 14% of its customers are Fortune 500 companies.

The $120 million funding round will put Incorta in a stronger position to expand its share of the fast-expanding analytics market. According to research from International Data Corp., worldwide spending on big data and analytics software is on track to reach $27.3 billion by year’s end.

The market’s growth is fueling continued investor interest in data processing startups. Incorta’s funding round comes less than a week after Transform Data Inc., a startup that helps turn business records into a form that’s easier to analyze, launched from stealth mode with $24.5 million from investors. Earlier, Unsupervised Inc. raised $35 million to grow the popularity of its AI platform, which uses machine learning to automate the manual aspects of enterprise analytics projects. 

Image: Incorta