BIG DATA
BIG DATA
BIG DATA
Data analytics startup Incorta raises $30M to expand operations
Data analytics startup Incorta Inc. today said it has raised $30 million in new funding to expand its headcount, invest in further product development, deepen relationships with the major public cloud providers and reduce operational costs.
The Series C round was led by Sorenson Capital with existing investors including GV (formerly Google Ventures), Kleiner Perkins, M12 (formerly Microsoft Ventures), Telstra Ventures and Ron Wohl also participating.
Founded in 2013, Incorta aggregates complex business data in real time. Describing itself as the first “hyperconverged analytics” company in the big-data industry, Incorta’s software is built on what it calls a Direct Data Mapping Engine. It’s aimed at helping analysts become more productive by simplifying the “extract, transform and load” or ETL process by eliminating some of its unnecessary aspects.
Simplifying ETL processes is a core pitch for the company as it allows businesses to ingest source application data that would traditionally require costly, time-consuming data warehouses to process. It does so by skipping many of the intermediary tasks normally involved in the ETL process while also negating the need for different datasets to be organized into the same consistent structure before they can perform analysis.
Incorta’s software is claimed to outperform Oracle Exadata and SAP HANA in providing faster delivery of analytical applications with subsecond query response times.
“As businesses race to become more data-driven and make real-time decisions across every aspect of their business, the volume and complexity of their data simply cannot be handled by the traditional ETL-based data warehouses,” Incorta co-founder and Chief Executive Officer Osama Elkady said in a statement.
The company claims to have revenue growth of 284% year-over-year, though it doesn’t provide absolute numbers, and is continuing to add new customers in key industries with a focus on financial services, retail, and manufacturing. Prominent customers include Broadcom Inc., Shutterfly Inc., Keysight Technologies Inc., Nortek Security & Control Inc. and Starbucks Corp.
Including the new funding, Incorta has raised $72.6 million to date. Previous rounds include $10 million in March 2017 and $15 million in October.
Image: Incorta/Slideshare
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