StreamSets, a provider
of innovative platform for managing data-in-motion, has raised $20 million in Series B funding. The round wad led by venture capital firms Accel Partners
, Battery Ventures
and New Enterprise Associates
According to the company, proceeds from the funding round will be used for market expansion in North America and Europe and to accelerate delivery of new capabilities in its platform components: the open source StreamSets Data Collector
and the cloud-native StreamSets Dataflow Performance Manager
“When companies have access to fresh and pristine data, they innovate faster, operate more efficiently and reduce their business risk. StreamSets uniquely provides ‘air traffic control’ for all of a company’s dataflows, making it possible to build data-driven applications faster and control the timeliness and quality of the data from a single point,” said Girish Pancha, CEO and Co-founder, StreamSets.
In the 20 months since its public launch, StreamSets claims to have surpassed 250,000 open source downloads, identifying half of the Fortune 100 and well over 1,000 companies within that community. The company believes that growing demand for its data operations platform is evidenced by its rapid adoption and significant traction.
“Since the company’s public launch in 2015, it has become increasingly clear that StreamSets can deliver the data performance management solution the market is clamoring for,” said Peter Sonsini, General Partner, NEA.
“The momentum they are seeing, from open source traction to adoption by some of the world’s leading enterprises, is a testament to the strength of the platform and the team Girish has assembled. We’re thrilled to continue our partnership with StreamSets and help them accelerate growth with this new round of funding,” Sonsini added.
StreamSets helps enterprises tackle the emerging dataflow chaos caused by new big data sources, a multi-cloud sprawl of data processing systems and increasing urgency from data consumers for immediate analysis. It states that the ability to reliably provide data quickly and with quality is an obstacle to success for business initiatives from democratizing data access through a centralized data lake to new big data applications like the Internet of Things, cybersecurity and customer 360.
To address this accelerating complexity, the company holds that a data operations platform is required to act as “air traffic control” by continually moving data across the sprawl while also providing a single point of control over data timeliness and quality. StreamSets data operations platform helps customers build, monitor, maintain and evolve their any-to-any data movement architectures.
“Data analytics is the lifeblood of many businesses now, and analyzing fast-moving data — whether on premises, in the cloud or at the edge — can unleash significant business opportunity. Many Fortune 500 customers we’ve spoken with have used Streamsets to guarantee timely delivery of quality data, and uncover insights to radically transform their businesses,” said Dharmesh Thakker, General Partner, Battery Ventures.