San Francisco- and Bengaluru-based SaaS company Hevo, that accumulates data stored in different departments of a company to one platform, said Wednesday it has raised USD 8 million in its Series A round led by Qualgro, a Singapore-based Venture Capital firm.
The new funding round saw participation from independent investor Lachy Groom, a former executive at Stripe, as well as existing investors including Chiratae Ventures and Sequoia Capital India’s Surge.
Hevo said it would use the money to accelerate its global expansion and increase team size in technology, sales, and marketing. Apart from India, it also has a presence in the United States, France, Australia, and Hong Kong, among other countries and regions.
The data integration company received USD 4 million in 2019 as part of its Seed round led by Surge and Chiratae Ventures. The company has raised a total of USD 13 million till now.
Founded in 2017 Manish Jethani and Sourabh Agarwal, the company spent the first two years building the product. It claims to destroy the data silos in different departments such as sales, marketing, operations, and finance. Jethani told KrASIA that when businesses try to “make sense of different types of data stored in these applications, it becomes a big jigsaw puzzle for them to solve.”
Hevo’s customers such as food-delivery major Swiggy, health and wellness app CureFit, and US-based payments firm Marqeta, use its tool to monitor key metrics in real-time, identify new growth opportunities, among other use cases.
“Hevo’s founders are the type of globally-minded entrepreneurs that we like to support. This helps enterprises to fully capture the benefit of data flowing through the many databases and software they currently use.” Heang Chhor, managing partner of Qualgro, said in a statement.
Jethani said, unlike other SaaS companies, customers can start using its tool without any need for a demonstration or any technical assistance.
“We have built a no-code data platform where you don’t need any technical skills. With our drag and drop interface one can bring different data from other systems on one location to make sense of them,” he said.