REDWOOD CITY, Calif.--(BUSINESS WIRE)--Reltio, the first cloud-native, software-as-a-service (SaaS) data platform that accelerates data value for businesses, today announced it has secured $120 million in funding led by investment firm Brighton Park Capital (“Brighton Park”), with participation from existing investors Crosslink Capital, NewView Capital, RPS Ventures, Sapphire Ventures, and .406 Ventures. To date, Reltio has raised $237 million in total funding and is valued at approximately $1.7 billion. The new capital will help to fuel Reltio’s growth strategies, expand global go-to-market, and further scale the company’s efforts to deliver industry-leading products.
Reltio has been on a rapid growth trajectory -- according to third-party market research, the company is growing more than 15 times faster than the overall category. Reltio added 18 new enterprise customers in the most recent fiscal year, and more than 25 of its customers have a $1 million or greater annual contract value. In addition, Reltio bolstered its leadership team with key C-suite appointments and added high-caliber SaaS executives to its Board of Directors. Mike Gregoire, Partner and Co-Founder of Brighton Park, will join Reltio’s Board.
Reltio proudly serves companies of all sizes, including 14 of the Fortune 100, and globally recognized customers such as Pfizer, L'Oréal, Xerox, CarMax, Takeda, and AstraZeneca -- all of which rely on the Reltio platform to deliver a single source of trusted data and information.
According to this report by McAfee, the average enterprise has 464 custom applications, while smaller organizations have an average of 22 custom applications. The data generated and required by these applications is managed by distributed teams and disconnected technologies resulting in data that is duplicated, outdated, and unreliable -- the lack of “clean data” is a significant business challenge for users. The Reltio platform unifies multi-source data, across all applications and use cases, into a single trusted source that gives users access to real-time operational, accurate, and insight-ready data -- 24/7 year-round. Reltio has more than 8 billion consolidated profiles under management and serves more than 5.5 billion API calls per month (a 75% YoY increase).
“We are excited about the latest funding round led by esteemed investor Brighton Park and are grateful for the support of our existing investors. This investment underscores the significance of the data management category in today’s digital data-driven environment and is validation of the larger market opportunity in front of us,” said Chris Hylen, CEO of Reltio. “Building on our rapid growth, this investment will further accelerate our path to deliver high-value data to customers and to become a world-class, Rule of 40+ SaaS company.”
Mike Gregoire, Partner and Co-Founder of Brighton Park Capital, added, “Reltio’s strong track record in the data management category, coupled with its vision, technology, and customer-first focus, positions the company to drive significant growth for its clients. We are excited to support Chris and his talented team, and look forward to Reltio’s continued success as they help companies of all sizes maximize their data value.”
“The number of applications and silos of data is growing at an unprecedented rate, causing the biggest challenges and complexities to business outcomes,” said Manish Sood, CTO and Founder of Reltio. “And while harnessing data can present significant challenges, getting it right unlocks incredible opportunities. We put the full power of data in customers’ hands so they can maximize impact every day. The future of this space, and Reltio's role in simplifying the landscape and accelerating the value of data for businesses, is now."
CUSTOMER QUOTE:
"CarMax is harnessing technology and Reltio’s platform to deliver the only true omni-channel customer experience in our industry. We are empowering customers to buy a car on their terms, personalized to their unique needs. It's incredible to see what we've accomplished together," said Shamim Mohammad, CarMax SVP, CIO/CTO. "We are excited for the Reltio team on this important industry news.”
About Reltio
At Reltio, we believe data should fuel companies’ success, not hold them back. Our first-of-its-kind, cloud-native platform synthesizes multi-source, complex data into a single source of trusted information. Agile enough to fit any company’s needs, it can flex at will – for accelerated data value creation, and ongoing effectiveness. It’s also fully compliant and secure, so data can be acted upon with confidence. Our diverse set of customers -- from start-ups to large enterprises in more than 140 countries spanning multiple industries -- rely on our award-winning platform to fuel their success. To learn more about Reltio, visit www.reltio.com.
About Brighton Park Capital
Brighton Park is a Greenwich, CT-based investment firm that specializes in software, healthcare, and technology-enabled services. The firm invests in companies that provide highly innovative solutions in partnership with great management teams. Brighton Park brings purpose-built value-add capabilities that match the unique requirements of each of its companies. For more information about Brighton Park, please visit www.bpc.com.
