Analytics platform Incorta closes $30m Series C
Californian start-up Incorta announced today (15 August) that it had closed a $30m Series C round, led by Sorenson Capital.
There was also participation from existing investors GV, Kleiner Perkins, M12 (formerly Microsoft Ventures), Telstra Ventures and Ron Wohl. Since it was founded in 2013, Incorta has raised $75m in funding.
The start-up says that it delivers a data warehouse system that is free from extract-transform-load (ETL) procedures, which speeds up insights by paring down the unnecessary parts of data modelling and ETL that are costly and cumbersome, and allows business to ingest source application data in its original form.
The company said: “With Incorta, IT can deliver new reports within minutes as opposed to weeks, and businesses can feed data curiosity by conducting real-time conversations with their data to make more accurate and timely decisions.”
Starbucks is one customer that has been using the technology for data engineering and analytics capabilities in its finance and supply chain spaces.
Chris Fallon, SVP of corporate technology at Starbucks, said: “Their product has empowered many technology and business partners by unifying valuable data from disparate sources.
“Incorta has worked to understand our business and our partner and customer focus, which has led to an incredibly positive relationship.”
Investment and expansion
After announcing the investment this morning, co-founder and CEO of Incorta, Osama Elkady, said: “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.
“This new funding, paired with explosive revenue and customer growth, provides a clear line of sight to grow the business and continue to drive innovation to meet growing customer demand.”
Over the last six months, Incorta has hired 200 new employees and opened new offices in Chicago, Dubai and Bangalore. It has also reported a 284pc year-on-year growth in revenue, driven by new industry partnerships and product innovation.
Rob Rueckert, managing director for Sorenson Capital, said: “As every business in every industry races to find competitive advantage through faster access to data, Incorta is poised to upend the data warehousing marketing with innovative technology that will end 30 years of archaic and slow data warehouse infrastructure.
“This type of disruptive innovation enables Incorta to capture a large share of the big data market and we’re glad to join them in this exciting time for the company.”
With the funding, Incorta will continue to hire, invest in its Direct Data Mapping system and deepen relationships with major public cloud providers.
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