Cloud-based data-integration platform, Hevo Data has secured $8 million in its Series A funding round led by Singapore-based VC firm Qualgro and angel investor, Lachy Groom. Existing investors including Chiratae Ventures and Sequoia Capital Surge also backed the company in the latest round.
The fresh capital infusion for Hevo has materialized after a gap of 9 months. Previously, it had raked in $4 million led by Sequoia and Chirate in October 2019. So far, the Bengaluru and San Francisco-based startup has accumulated around $13 million in total capital across three financing rounds.
The company would utilize the latest proceeds to expand the number of integrations available on its platform, hire sales and marketing terms in more countries, including the United States and Singapore.
A part of the 20 startups selected by Sequoia for its second cohort in India and Southeast Asia, Hevo was founded in 2016 by Manish Jethani and Sourabh Aggarwal. It leverages machine learning to understand the source model from various kinds 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 of by the platform.
For the past one year, SaaS-based startups in India have raised huge capitals. Only last month, Postman had secured $150 million at a valuation of $2 billion. It joined the club of SaaS unicorns in India which include FreshWorks, Eka Software, Zoho, Druva, and Icertis.
This year, the SaaS ecosystem in India also got a boost when AngelList India’s head Utsav Somani launched a micro venture capital fund of corpus $5 million, on the other hand, Basic Vectors launched a $50 million worth technology and private equity fund mainly targeting the software companies.