StreamSets Secures $20 Million in Series B Funding to Conquer Dataflow Chaos
Funding Fuels Industry’s First Data Operations Platform That Delivers ‘Air Traffic Control’ Across Cloud, Batch and Streaming Data Architectures
May 31, 2017
SAN FRANCISCO – May 31, 2017 – StreamSets Inc., provider of the industry’s first enterprise data operations platform, today announced that it has raised $20 million in Series B funding. Leading venture capital firms Accel Partners, Battery Ventures and New Enterprise Associates (NEA) participated in the funding round. The funding follows StreamSets’ success in helping enterprises manage their data in motion to propel key initiatives such as big data lakes, the Internet of Things, cybersecurity and customer 360 applications.
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 award-winning open source StreamSets Data Collector™ and the cloud-native StreamSets Dataflow Performance Manager (DPM™).
“When companies have access to fresh and pristine data, they innovate faster, operate more efficiently and reduce their business risk,” said Girish Pancha, CEO and co-founder of StreamSets. “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.”
The growing demand for StreamSets’ data operations platform is evidenced by its rapid adoption and significant traction. In the 20 months since its public launch, StreamSets has surpassed 250,000 open source downloads, identifying half of the Fortune 100 and well over 1,000 companies within that community. In its most recent fiscal quarter, the company logged an eight-fold increase in revenue year over year. StreamSets was recently selected as one of only four vendors in Gartner, Inc.’s “2017 Cool Vendors in Data Management” report.
“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 at 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.”
StreamSets helps enterprises conquer the emerging dataflow chaos caused by new big data sources, a multi-cloud sprawl of data processing systems and ever-increasing urgency from data consumers for immediate analysis. 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, 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. The 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,” said Dharmesh Thakker, a general partner at Battery Ventures. “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.”
StreamSets provides an innovative data operations platform that reinvents how enterprises deliver timely and trustworthy data to their critical applications. StreamSets Data Collector™ is award-winning, open source software for the development of any-to-any dataflows. StreamSets Dataflow Performance Manager (DPM™) provides a comprehensive control panel for managing the day-to-day operation of complex dataflow topologies. Founded by Girish Pancha, former chief product officer of Informatica, and Arvind Prabhakar, a former engineering leader at Cloudera, StreamSets is backed by top-tier Silicon Valley venture capital firms, including Accel Partners, Battery Ventures and New Enterprise Associates (NEA). For more information, visit www.streamsets.com