Hevo Data, a data integration startup founded by Spoonjoy founders, has managed to raise around ₹6.5 crore seed funding round from IDG Ventures India.
A major chunk of the newly raised funding will be used by the company to hire more people in its team. It will also spend money on expanding its operations to the US.
The startup functions as a cloud-based data integration platform that assists businesses in utilising data efficiently to make better and more informed decisions.
Commenting on the development, IDG Ventures India Executive Director Venkatesh Peddi said,
Today, enterprises are investing heavily in technology to strengthen and empower their data teams to gain the competitive advantage in their space. We invested in Hevo Data because we saw a strong team building a product that fills a critical gap in the market.
Hevo Data is founded by Manish Jethani and Sourabh Agarwal, who previously founded food-tech startup Spoonjoy. In 2015, Spoonjoy was acquired by Grofers, one of the largest online grocery delivery services. Afterward, Jethani and Agarwal spent a year working at Grofers before founding Hevo Data.
The company currently has offices in Bangalore and San Francisco. The founders believe that Hevo Data’s advantage is that it is cloud-native and therefore better equipped to handle real-time data.
According to a report by MarketsandMarkets, the global data integration market size is estimated to grow from $6.44 billion in 2017 to $12.24 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 13.7%.