Hevo Data, a SaaS startup that helps companies collect the data they generate and collect to make better use of it, has raised $30 million in a new round of funding after a strong year of growth.
Sequoia Capital India led the $30 million Series B round of the San Francisco and Bangalore-headquartered startup. A number of investors, including Qualgro, Lachy Groom and Chiratae Ventures, also joined the round, bringing funding for the five-year-old startup to $43 million.
Companies, with so many departments such as marketing, engineering and design, use numerous services and platforms for their business. But the data they generate and rely on resides in silos within those divisions, making it difficult for the business as a whole to understand it in real-time and make actionable decisions.
Hevo Data has built a data pipeline platform to make it extremely easy for businesses to integrate and retrieve data from various sources in a single dashboard, and deliver it to popular cloud data warehouses such as Snowflake, Google BigQuery and Amazon Redshift, explains Manish. from. Jethani, co-founder and chief executive of the startup, in an interview with BestFitnessBands.
“Different parts of the company use different types of software for their work. But if the data doesn’t flow across departments, nobody has a full view of what’s happening,” he said, drawing parallels with blood flow in a human body.
“So as a business, if I’ve invested thousands of dollars in marketing, I’d like to know how many users came and bought – or didn’t – bought from the platform and how often they made the purchase. How much money did I end up making per order? This would help educate me on how I should adjust my marketing spend,” he said. “This requires me to combine my marketing, order data, financial data, and customer support data,” he said.
It’s a challenge that Jethani struggled with in his previous startup called SpoonJoy, which he sold to Grofers. After moving to Grofers, a much larger startup, Jethani said he realized that even larger companies face this challenge. (He said companies as big as Amazon and Flipkart tend to build their own workflows and have a large workforce to handle this.)
The startup’s offerings combine data from multiple disparate sources and applications, including sales CRM, advertising channels, marketing technology, financial system software and customer support products to build a 360-degree view of their business and customers, Jethani said.
One of Hevo’s value-added prepositions is that it is a no-code platform. Individuals don’t spend a lot of time — or require technical insight — to make the integrations to get the data flowing to a central hub, he said. (Its accessibility is as easy as setting up an action on IFTTT, for example.) Hevo features over 100 pre-built integrations across databases, SaaS applications, cloud storage, SDKs, and streaming services.
The startup said it has gathered more than 1,000 customers across multiple categories in more than 40 countries and will use the new money to develop new products as it seeks to tap into a larger share of the market. The startup said it grew by as much as 500% in the past year. One of the new offerings it’s working on is an insight platform that allows users to perform analytics on the data they collect.
Another product in the works is called “Reverse ETL,” which aims to help customers leverage their data beyond just the analytic use case, he said.
“Data has become one of the most important business inputs over the past decade. Hevo Data is building a foundational infrastructure to enable bi-directional mobility of data,” said Tejeshwi Sharma, MD, Sequoia India, in a statement.
“The more mobile data becomes within organizations, the more useful it will be. We are impressed by the company’s product DNA – the secret behind the widely loved product combines the duality of technical sophistication and consumer experience. Sequoia Capital India is delighted to redouble its partnership with Hevo and lead the Series B round.”