SaaS-based startup Hevo Data raises $1 Mn from IDG Ventures

funding

Hevo Data, a cloud-based data-integration platform, has secured $1 million in a seed funding round led by IDG Ventures India.

The San Francisco-Bengaluru-based firm plans to use this funding to expand its operations in the US and hire a team, reported TechCrunch.

“It took us a lot of time to get data into one place before we could start analysis. It’s very inefficient if multiple people are engaged in just cleaning up and bringing in data instead of analyzing it,”  said Manish Jethani, CEO of Hevo.

“If we can cut the cycle from a few weeks to a few minutes, we can respond to the needs of businesses faster,” he added.

Hevo Data was founded in 2016 by Jethani and Sourabh Agarwal, who had earlier founded on-demand restaurant delivery app SpoonJoy in India. The SAIF Partners-backed startup was acquired by hyperlocal grocery and online grocer Grofers in 2015. The duo spent a year working at Grofers before founding Hevo Data, which has offices in India and US.

Also Read: SaaS-based startup FieldAssist secures undisclosed funding from SIDBI

Hevo leverages machine learning to understand the source model from various kind of data sources such as databases, cloud applications, sensor data (IoT) and clickstream data. This ensures most of the time-consuming activities are taken care by the platform.

Its cloud-neutral products run on Amazon Web Services, Google Cloud as well as Microsoft Azure.

Hevo’s customers include food delivery provider Swiggy and integrated healthcare platform Cure.fit, among others, and it competes with other global data integration companies like Informatica, Pentaho and Talend.

In the past few months, IDG Ventures had made several bets on startups including Delhi-based Local recommendations and lifestyle guide Little Black Book and short-term trade finance provider Vayana Network. It also joined Rs 500-crore of investment bandwagon in ETechAces Marketing and Consulting, which owns PolicyBazaar and PaisaBazaar.

Hevo Data: Website

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