Hevo Data, a SaaS startup that helps companies Collection of data that they generate and collect to make better use of it, has raised US $ 30 million in a new round of financing after a year of strong growth.
Sequoia Capital India led the $ 30 million Round B of the startup, headquartered in San Francisco and Bangalore. A number of investors, including Qualgro, Lachy Groom, and Chiratae Ventures, also took part in the round that lifts the five-year-old startup to $ 43 million.
Companies with as many business areas as marketing, engineering and design use numerous services and platforms for their business. But the data they generate and rely on is in silos within these departments, making it difficult for the company as a whole to get real-time insight into it and make actionable decisions.
Hevo data has built a data pipeline platform that makes it extremely easy for companies to integrate and retrieve data from multiple sources on a dashboard and deliver it to popular cloud data warehouses such as Snowflake, Google BigQuery and Amazon Redshift, said Manish Jethani, co-founder and CEO of the startup, in an interview with TechCrunch.
“Different parts of the company use different types of software to do their jobs. But if the data does not flow across different departments, nobody has a complete overview of what is happening, ”he said, drawing parallels with the blood flow in the human body.
“So if I’ve invested thousands of dollars in marketing as a company, I want to know how many users bought or didn’t buy on the platform and how many times they made the purchase. How much money did I end up making per order? This would help me figure out how to optimize my marketing spend, ”he said. “To do this, I have to combine my marketing, order, financial and customer support data,” he says.
It’s a challenge that Jethani grappled with in his previous startup called SpoonJoy, which he sold to Grofers. After joining Grofers, a much larger startup, Jethani said he realized that bigger companies are facing the same challenge. (He said that companies as large as Amazon and Flipkart tend to create their own workflows and have a large workforce to handle it.)
The startup’s offering combines data from several different sources and applications, including sales CRM, advertising channels, marketing technology, financial systems software, and customer support products to create a 360-degree view of their business and customers, Jethani said.
Some popular integrations offered by Hevo.
One of the added values of Hevo is that it is a no-code platform. Individuals don’t spend a lot of time – or need no technical understanding – to set up the integrations so that the data flows to a central hub, he said. (For example, accessibility is as easy as setting up an action on IFTTT.) Hevo functions over 100 pre-built integrations across databases, SaaS applications, cloud storage, SDKs and streaming services.
The startup claims to have accumulated over 1,000 customers in several categories in more than 40 countries and will use the fresh funds to develop new products in order to open up a larger part of the market. The startup said it grew a whopping 500% over the past year. One of the new offerings it is working on is an Insight platform that will allow users to conduct analysis on the data it has collected.
Another product in the works is called Reverse ETL, which is designed to help customers leverage their data beyond the purely analytical use case, he said.
“Data has become one of the most important business inputs over the past decade. Hevo Data is building a basic infrastructure to enable bi-directional mobility of data, ”said Tejeshwi Sharma, MD at Sequoia India, in a statement.
“The more mobile data there is within organizations, the more useful it should be. We are impressed by the company’s product DNA – the secret behind the widely popular product combines the duality of technical sophistication and consumer-friendly experience. Sequoia Capital India is pleased to double its partnership with Hevo and lead the Series B round. “
