SaaS startup Hevo raises $30M
Hevo Data, a data management SaaS firm based in San Francisco and Bengaluru, has secured $30 million in a Series B funding round headed by Sequoia Capital India.
Qualgro, Lachy Groom, Chiratae Ventures, and angel investors were among the other investors in this round.
Hevo intends to use the proceeds from this round of fundraising towards sales and marketing initiatives, product development, and the hiring of teams in the United States and Europe.
“We are very well-capitalized,” Manish Jethani, Hevo Data’s co-founder and CEO, said of the funding, “but given the large market opportunity and high growth momentum — growing 500 percent in the past year, we received strong interest from the market and thus decided to partner with Sequoia Capital India for our Series B.”
According to the company, it operates in the $17.1 billion data integration market, which is expected to grow to $17.1 billion by 2026.
According to Hevo, companies have previously needed huge engineering teams to handle the problem of data silos, but that its no-code method is an easy-to-use solution that eliminates technological complications and can be used by even non-technical people.
Hevo has customers in more than 40 countries spanning the United States, Europe, and Asia-Pacific. The firm claims to have increased its customer base by fivefold and seeks to expand its technology platform.
“Hevo Data is establishing core infrastructure to enable bi-directional data mobility,” said Tejeshwi Sharma, MD, Sequoia India. The more mobile data is used within businesses, the more useful it becomes. We are impressed by the company’s product DNA.”
Hevo also expects to release its second product, “Reverse ETL,” early next year. The new capacity will enable clients to use their data for purposes other than analytics, according to the firm, which will also enable companies to make real-time decisions in day-to-day operations.
Hevo seems to be fast and a promising company. I am confident that the company will continue to prosper in future. I give my best wishes to the team of Hevo.Shishir Gupta, Founder and CEO of Startuplanes
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