Data platform for enterprises Hevo has raised $8 million as a part of its Series A funding round, led by Singapore-based venture capital firm Qualgro along with Lachy Groom, a former executive of global online payments firm Stripe.
Existing Investors Chiratae Ventures and Sequoia Capital’s accelerator programme Surge also participated in this round.
The funds will be used to accelerate Hevo’s global expansion and will expand its team across functions of technology, sales, and marketing.
The three year old startup, started by IIT alumni, Manish Jethani and Sourabh Agarwal, offers a software-as-a service (SaaS) platform to connect to multiple sources of data across the company, helping clients to streamline their analytics and leverage data to make business decisions.
“Adoption of SaaS-based software is rapidly growing in companies of all sizes, but increasingly, the adoption of different applications across departments such as Sales, Marketing, Operations, Finance, and Support creates data silos as these applications don’t talk to each other. Even small to medium-sized companies use more than 40 different SaaS applications and these data silos prevent them from seeing a full picture of their customers’ journey,” said Jethani.
With offices in San Francisco and Bengaluru, Hevo currently has customers in the United States, India, France, Australia, Hong Kong, as well as in 15 other countries.
“Hevo’s founders are the type of globally-minded entrepreneurs that we like to support. They provide a truly innovative solution for extracting and transforming data across multiple data sources – in real-time with full automation. This helps enterprises to fully capture the benefit of data flowing through the many databases and software they currently use.” said Heang Chhor, Managing Partner of Qualgro.
Earlier in October, last year, Hevo had also raised $4 million as a part of its seed funding round led by Sequoia Capital’s Surge and Chiratae Ventures.
This article was first published on livemint.com.