$10 million investment from Prosperity7 Ventures brings Series C funding round to $60 million as company reports record year-to-date revenue growth
CAMPBELL, CA. - October 10, 2023 - Acceldata, the market leader in enterprise data observability, today announced the company has achieved 150% year-over-year Fortune 500 logo growth and a $10 million Series C funding addition from new investor Prosperity7 Ventures to fuel its go-to-market expansion. The investment brings the company’s total capital raised to over $100 million as it reports significant corporate momentum fueled by customer growth, product innovation, global expansion, and the acquisition of Bewgle. In addition, the company has expanded its executive leadership with the appointment of Mike McQuaid as chief revenue officer, Mahesh Kumar as chief marketing officer, and Ramon Chen as chief product officer.
“We have invested heavily in our data observability platform over the last five years and the world’s largest enterprises, including many Fortune 500 companies, are using our products in the most complex data operations to operate business-critical data products at petabyte scale,” said Rohit Choudhary, CEO and co-founder of Acceldata. “This funding by a premier investor, Prosperity7, the addition of a world-class executive team, and AI-led innovation will propel our mission of shaping the rapidly expanding data observability category.”
Acceldata continues to see rapid customer growth, reporting 150% year-over-year Fortune 500 logo growth as more leading organizations recognize the value of its enterprise data observability platform to build best-in-class data products.
To support the needs of its growing customer base, Acceldata has expanded its global presence into Canada with the opening of a new office in the greater Toronto metropolitan area. The office brings the company’s footprint to three locations across North America and Asia with employees worldwide. The Toronto location has more than doubled its employee headcount over the last four months to support the company’s customers, with plans to continue to expand the team over the coming months.
In February of this year, Acceldata announced a $50 million Series C funding round led by March Capital, with additional investment from Sanabil Investments, Industry Ventures, and Insight Partners to expand its product innovation and leadership in the data observability market. The $10 million addition from Prosperity7 Ventures brings the total funding round to $60 million, and will enable the company to accelerate go-to-market efforts and continue to deliver innovative observability solutions that address the rapidly expanding category.
“As enterprises across the globe are doubling down on initiatives to bring AI and large language models into production, access to trusted, reliable data becomes even more imperative,” said Abhishek Shukla, senior investment director at Prosperity7 Ventures. “Acceldata is setting the new standard for data management with its innovative platform and world-class team, and it’s a privilege to partner to deliver AI-driven solutions and drive the future of enterprise data observability market.”
As the company continues to expand its global operations and market leadership, Acceldata has extended its executive staff with the appointment of seasoned technology executives, including industry veteran Mike McQuaid who has joined Acceldata as chief revenue officer (CRO) to lead the company’s sales strategy. McQuaid has over 20 years of experience at organizations including Hitachi Vantara, BusinessObjects (acquired by SAP), and Birst (acquired by Infor) with a proven track record of success managing large, field-sales organizations.
The company has also appointed Mahesh Kumar as chief marketing officer (CMO) to drive global marketing strategy. Kumar joins with over 30 years of experience driving category leadership across technology markets at companies including Gitlab and Propelo (acquired by Harness). Additionally, Ramon Chen has joined as chief product officer (CPO) with over 30 years of experience developing and executing product strategy for leading cloud platforms, SaaS applications, and infrastructure at companies including ActivTrak and Reltio.
Last month, Acceldata also acquired Bewgle, a cutting-edge AI platform, to expand its best-in-class enterprise data observability capabilities into AI and large language models (LLMs). Led by Bewgle founders Ganga Kumar and Shan Shah, both former Google employees, the AI team will expand the company’s product offerings to ensure reliable, high quality data pipelines across cloud, hybrid, and on-premises environments.
Founded in 2018, Campbell, CA-based Acceldata has developed the world's first enterprise data observability platform to help enterprises build and operate great data products. Acceldata's solutions have been embraced by global customers, such as Dun & Bradstreet, Oracle, PubMatic, PhonePe (Walmart), HCSC, and many more. Acceldata investors include Insight Partners, March Capital, Industry Ventures, Lightspeed, Sorenson Ventures, Sanabil, and Emergent Ventures. Contact us to learn about the benefits of data observability.
Prosperity7 Ventures is the diversified growth fund of Aramco Ventures, a subsidiary of Aramco, the world’s leading integrated energy and chemicals company. The fund’s name derives from “Prosperity Well,” the seventh oil well drilled in Saudi Arabia and the first to strike commercial oil, paving the way to prosperity. Bringing forward this pioneering history, Prosperity7 invests globally with a long-term view in breakthrough technologies and transformational business models that bring prosperity and positive impacts on a vast scale. Official website: https://www.prosperity7vc.com/
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