California based data-as-a-service Company, Qubole declared that it has sealed the Series C financing of $30 million and has fetched a total funding of $50 million till date. Institutional Venture Partners (IVP) directed the financing. General Partner of IVP will be joining Qubole as board of director.
Additional Capital has also been given by the existing investors CRV, Lightspeed Venture Partners and Norwest Venture Partners as a part of financing. Qubole provides a cloud- based platform to other companies to overcome the challenges of processing huge volumes of structured and unstructured data. It uses clouds such as Amazon Web Services, Google Cloud Platform and Microsoft Azure to help enterprises extract value out of their big data while enabling their operations teams to be nimble and adaptive to their users’ needs.
Expansion and Targets
Qubole has a self- service platform for data analytics called Qubole Data Service (QDS), and this funding will be used to expand the availability of QDS. This would enable the customers to choose the right tool for their data analytics need. The company is planning to target several new verticals, including Internet of Things (IoT), life sciences and retail. Additionally, the company will target larger enterprises that are accelerating their usage of the cloud. It will also expand its customer acquisition efforts in the APAC and EU regions.
One of the premier later-stage venture capital and growth equity firms in US, IVP’s General Partner, Somesh Dash, stated, “As more data is created in the cloud than on premise, enterprises need a complete big data solution that can provide SQL, machine learning, real-time analytics and batch processing in the cloud that is also self-service and operationally simple to manage.”
“Qubole’s platform is already being used by innovative customers with unprecedented data needs, and has proven to be the most comprehensive, easy-to-use and economical solution available. The company is poised for explosive growth and we couldn’t be more excited about becoming shareholders.”
The announcement is going to play a vital role in the growth of the company for the rest of the year. It now processes 250+ petabytes of data each month on its cloud-based big data analytics platform and over the next year it will expand its cloud-agnostic platform to integrate with additional cloud providers.
“We are thrilled to have several of the largest and most innovative companies as customers. This additional investment will enable us to expand our efforts in sales, marketing and product development while continuing to serve our current customers with excellence,” said Ashish Thusoo, CEO and Co-founder of Qubole. “As the clear leader in the market, Qubole is establishing the standard for how enterprises process big data in the cloud.”