Following a successful year of development, Hevo Data, a SaaS startup that helps businesses gather troves of data they create and amass to make better use of it, has acquired $30 million in a fresh fundraising round. Sequoia Capital India led the $30 million Series B financing for the San Francisco and Bangalore-based business. Qualgro, Lachy Groom, and Chiratae Ventures were among the other investors in the round, which brings the five-year-old startup’s total fundraising to $43 million.
With so many departments, such as marketing, engineering, and design, businesses need a variety of services and platforms to run their operations. However, the data they create and rely on is stored in silos inside those divisions, making it impossible for the company as a whole to acquire real-time visibility and make informed choices.
In an interview with TechCrunch, Manish Jethani, co-founder and CEO of Hevo Data, explained how the company built a data pipeline platform to make it extremely easy for businesses to integrate and fetch data from various sources into a single dashboard, as well as supply it to popular cloud data warehouses like Snowflake, Google BigQuery, and Amazon Redshift. “For their job, different parts of the organization employ different types of software. But if data doesn’t flow between departments, no one will have complete visibility into what’s going on,” he added, drawing comparisons to blood flow in the human body.
“As a business, if I’ve spent thousands of dollars on marketing, I’d like to know how many users came to the platform and purchased — or didn’t buy — and how many times they bought.” How much money did I make per order in the end? “This would assist me figure out how I should adjust my marketing budget,” he stated. “I have to connect my marketing, orders, financial, and customer support data for this,” he explained. It was a problem Jethani faced at his previous business, SpoonJoy, which he later sold to Grofers. Jethani found that even larger companies encounter similar difficulty after going to Grofers, a much larger business. (He claims that huge corporations like Amazon and Flipkart design their own processes and employ large workforces to do so.)
According to Jethani, the startup’s service integrates data from a variety of sources and applications, such as sales CRM, advertising channels, marketing technology, financial system software, and customer support products, to provide a 360-degree picture of their business and consumers.
Hevo is also a no-code platform, which adds to its value proposition. Individuals are not spending much time — and do not need any technical knowledge — setting up the integrations that allow data to flow to a central hub, he claims. (Setting up an activity on IFTTT, for example, is all it takes to gain access.) Over 100 pre-built connectors are available for databases, SaaS applications, cloud storage, SDKs, and streaming services in Hevo.
The firm claims to have over 1,000 clients across several categories in over 40 countries and plans to use the new funding to build new products as it expands its market share. The startup claims to have grown by 500 percent in the last year. One of the new products it is developing is an insight platform, which will allow customers to analyze the data they are collecting. Another product under development is “Reverse ETL,” which will try to enable clients use their data for purposes other than analytics, he added.
“In the last decade, data has become one of the most significant corporate inputs. In a statement, Tejeshwi Sharma, MD of Sequoia India, stated, “Hevo Data is establishing core infrastructure to enable bi-directional data mobility.” “The more mobile data is used within enterprises, the more valuable it becomes.” We admire the company’s product DNA, which blends the duality of technological competence with consumer-grade experience to create a universally adored product. Sequoia Capital India is ecstatic to deepen its relationship with Hevo by leading the Series B financing.”