Incorta, a real-time analytics platform, has announced a $15 million in funding led by new investor Kleiner Perkins. Existing investors, including GV (previously Google Ventures) and former Oracle Executive Vice President Ron Wohl also participated in the round. GV led Incorta’s $10 million Series A in May 2016.
In addition to the investment round, Ted Schlein, General Partner, Kleiner Perkins will join Incorta’s board of directors.
“We invested in Incorta because its advanced platform delivers true ‘information freedom’ to business users, at a low total cost of ownership to the business at-large. Some of today’s fastest-growing companies, driven by Incorta’s no-data-warehouse approach to analytics, have fundamentally changed how business information travels and how work gets done,” said Schlein.
Rather than the traditional model of performing slow and expensive extract, transform, load (ETL) projects to combine data from different data sources, Incorta’s Direct Data Mapping engine combines large, complex business data in real time. Since data maps directly to source data regardless of its form or structure, Incorta aims to develop highly secured, real-time analytic applications in only days, and reduces query times from hours to seconds—even at massive scale. With Direct Data Mapping, business users gain easy, secure, sub-second access to meaningful business insight.
“We’re very pleased to welcome to the Incorta family Kleiner Perkins, one of the top VCs in Silicon Valley, and Ted himself—a highly respected, experienced technologist,” said Osama Elkady, Co-founder and Chief Executive Officer, Incorta. “The response to our Direct Data Mapping technology launched in March far exceeds our initial expectations. We’re signing new customers at a record rate, while existing Fortune 500 customers are expanding their implementations and re-signing seven-figure contracts with us.”
“The market opportunity for Incorta is now. This funding will help us boost our investments in product development, sales, and marketing to bring Direct Data Mapping to more businesses around the world at a faster rate,” Elkady added.