Redwood City, California headquartered Reltio that provides big data analytics and solutions to enterprises, has announced to have raised $22M in Series B funding. The round of capital was raised by venture capital firm, New Enterprise Associates (NEA) in participation with already existing investors, namely Crosslink Capital and .406 Ventures.
Reltio that offers Platform as a Service (PaaS) data management solutions, will use the funds to accentuate its market positioning and accelerate company growth via new hires along teams. It also plans to expand its reach out in the global domain.
As the financing spans across, Chetan Puttagunta, Partner, NEA will join Jim Feuille, General Partner, Crosslink Capital at Reltio’s board of directors. Puttagunta, on the occasion, said:
“Reltio’s growth in the multi-billion dollar data management market has been truly impressive. NEA looks to invest in disruptive technologies with large market potential and Reltio has solved an age old conundrum by bringing IT and business teams together, on a multifaceted, agile platform designed for CIOs, powering data-driven applications loved by business users.”
“We’re particularly excited to join a team that is so passionate about guaranteeing reliable data, as it’s undeniably the foundation for data-driven insight and action,” he added.
It offers Cloud Master Data Management (MDM) in hope to enhance customer engagement and risk management for enterprises that leverage its big data solutions. Reportedly, it enables IT teams to streamline data management for a complete view across all sources and formats at scale, while sales, marketing and compliance teams use data-driven applications to predict, collaborate and respond to opportunities in real-time.
According to the company website, MDM has still a lot of scope to be explored as most of the providers, today use the technology that is over 10 years old. It also says, “the era of hosted on premise MDM masquerading as cloud has come and gone, and most cloud MDM providers today are limited to a single domain (customer), and mostly focused on improving the quality of data in popular SaaS CRM systems,” which it aims to change.
Moving beyond MDM, it also provides Data as a Service (DaaS) so that users can access third party provider data sets through a single unified view. It was founded in the year 2011 and since has participated in 2 rounds of funding making it worth $32 Million. Prior to this, Reltio had raised $10 million in a Series A funding led by Crosslink Capital and .406 Ventures.
Pitched against companies of the likes of IBM, Oracle and SAP, Reltio claims to have created a Partner Program of over 30 companies and offer services to brands including leading Fortune 500 companies in healthcare and life sciences, media & entertainment, hospitality, distribution and retail.
Manish Sood, CEO, Reltio, said:
“We were fortunate enough to receive multiple indications of interest in our funding round, and are very excited to have NEA join our team of supportive investors. Over the last 12 months, our modern data management Platform as a Service has been validated by customers and partners as they execute on a wide range of initiatives, including better customer experience, digital transformation, M&A, commercial excellence and compliance, to name a few. However, our success comes down to the innovation and hard work of Reltio’s employees. I would like to extend my heartfelt thanks to them, and invite those who are interested to join us in what continues to be a rewarding and fun journey.”