SAN MATEO, Calif.--(BUSINESS WIRE)--Incorta, the Direct Data Platform™, today announced $120 million in Series D funding led by Prysm Capital, with participation from existing investors GV (formerly Google Ventures), Kleiner Perkins, M12 (formerly Microsoft Ventures), Sorenson Capital, Telstra Ventures and Ron Wohl, as well as a credit facility from Silicon Valley Bank. The round also included participation from new investor and strategic partner National Grid Ventures, which aims to accelerate Incorta’s expansion in the energy industry. Since Incorta’s founding in 2014, the company has raised $195 million in total funding. The latest round of funding will be used to expand go-to-market operations and meet global demand for Incorta’s unified data analytics platform.
“The unprecedented events of the past year highlight the importance of modern data analytics in today’s business environment – platforms and tools like Incorta that deliver data to users directly without costly systems and processes like data warehousing and ETL severely limiting speed and agility,” said Incorta CEO Scott Jones. “After hitting a major inflection point in 2020, Incorta is now scaling fast to meet global demand for modern data analytics in the cloud. This funding enables us to scale up while staying true to Incorta’s DNA and maintaining our best-in-class innovation, quality and customer obsession. We are also thrilled to welcome Prysm and National Grid to the Incorta family, joining our already world-class investors.”
Today’s announcement comes at a time of breakout growth and expansion for Incorta, with major milestones and continued investments in product innovation, customer success, and industry partnerships, including:
- Rapid growth in revenue, driven by new and existing customers, with nearly 60% of new revenue growth in the last 12 months coming from organic expansion with existing customers, 14% of which are Fortune 500 companies, including leading global brands in Media and Entertainment, Social, High Tech, eCommerce, and Retail.
- Strategic industry partnerships and product innovation, including partnerships with Microsoft Azure, Google Cloud, eCapital and Tableau, as well as the recent launch of Incorta Mobile, the world’s first unified data analytics experience for mobile devices. A testament to our commitment to innovation, Incorta was named the 2020 Microsoft Startup Partner of the Year.
- Inclusion in the 2021 Gartner “Cool Vendors” report for Analytics and Data Science. Incorta’s Direct Data Platform was selected for its unique ability to address complex data and analytics challenges by eliminating the need for data modeling, cubes, extraction, transformation and loading (ETL) batch jobs, or optimization.
- Broad industry recognition for Incorta’s unified data analytics platform and Direct Data Mapping™ technology, with awards and analyst coverage from 451 Research, Dresner, Forrester, Gartner, Ventana and other leading industry research groups.
- Four key executive leadership hires since January 2021, including Scott Jones as CEO, Greg Peters as CCO, Darryl Banks as CRO, and Sheri Kelleher as SVP of People.
- A fast-growing global footprint with offices and partners throughout North America, the Middle East, UK and Japan.
Further accelerating Incorta’s growth and expansion is a business and technology landscape where uncertainty and change is the new normal. For companies stuck in outdated data analytics systems and mindsets, it’s becoming more difficult to navigate volatility and manage risk – and these vulnerabilities are becoming impossible to ignore.
- According to a recent IDC study, 70% of CEOs today acknowledge their organization needs to become more data driven and 87% of CXOs say that becoming more agile, integrated and data driven is their #1 priority over the next five years1. IDC also estimates worldwide spending on big data and analytics software will reach $27.3 billion this year2.
- Meanwhile, new research from Ventana Research highlights where companies struggle most with data analytics: 55% of organizations report the most time-consuming task in analytics is preparing the data3. According to Ventana, 25% of organizations combine more than 20 data sources in their data preparation activities and 39% combine more than 104.
Incorta is a unified data analytics platform that enables companies to acquire, enrich, analyze, and act upon business data with unmatched speed, simplicity and insight. Powered by Direct Data Mapping™, Incorta can make tens of billions of rows of data across multiple source databases analytics-ready in a matter of minutes. The platform is built for power users and novices alike, and provides simple, yet powerful tools for individuals and teams to freely explore, enrich, and innovate with data.
“With Incorta, we have a single unified platform that helps us move the business forward with data,” said a Director of Financial Applications at Comcast. “In addition to making existing reports run faster, the platform also gives us the ability to step back and view our data in entirely new ways – to gain insights rather than just sifting through details. Simply put: Incorta delivers on its promise.”
“With Incorta, our team can innovate with data in ways that were scarcely imaginable before,” said Sunjeev Devulapalli, Business Operations Manager/Sales S&P Transformation Lead at Cisco. “We can move fast, try new ideas, self service our data needs, and build creative solutions to operational challenges on a global scale. It’s hard to overstate how powerful the Incorta platform is for our team.”
Investment firm Prysm Capital, which led this funding round, focuses on growing companies in the technology, consumer and healthcare sectors. It is dedicated to helping entrepreneurs build disruptive, market-leading companies.
“Companies have an increasing need to gain insight and make decisions from data with speed and agility, and Incorta provides this mission-critical solution with a differentiated offering,” said Muhammad Mian, Co-Founder & Partner at Prysm Capital. “Prysm is excited to partner with an exceptional management team to support the growth of a product that is at the intersection of attractive long-term trends: the explosion of data, digital and cloud transformation, and business intelligence modernization.”
Incorta is the only unified data analytics platform powered by Direct Data Mapping™. Purpose-built to help companies stay ahead of the accelerating rate, volume, and complexity of modern enterprise data, the platform delivers unmatched speed and visibility. Incorta is built with open standards and integrates with cloud-friendly tools and platforms, making it easy to consolidate data in the cloud and extract meaningful insights. By making any data source continuously available for analytics, the platform helps business leaders, business teams, and data scientists make more accurate, timely and transparent decisions with faster access to richer data sets. Backed by GV (formerly Google Ventures), Kleiner Perkins, M12 (formerly Microsoft Ventures), Telstra Ventures and Sorenson Capital, Incorta powers analytics for some of the most valuable brands in the world, including Broadcom, Credit Suisse and Shutterfly. To learn more and try it for yourself, visit www.incorta.com.
About Prysm Capital
Prysm Capital is a growth equity firm that partners with best-in-class management teams and entrepreneurs who are building disruptive and generational companies in the technology, consumer, and healthcare sectors. With a long-term and company-first perspective, Prysm helps management teams achieve their next level of growth. For further information, please visit: www.prysmcapital.com.
1 IDC Future of Intelligence: Insights at Scale
2 IDC Worldwide Big Data and Analytics Spending Guide
3 Ventana Research Data And Analytics In The Cloud Benchmark Research
4 Ventana Research Data Preparation Benchmark Research