According to data pipeline startup Hevo, many small and medium-sized businesses juggle more than 40 different applications to manage sales, marketing, finance, customer support, and other operations. All of these applications are important data sources that can be analyzed to improve a company's performance. However, this data often remains separate, making it difficult for different teams to work together.
With Hevo, their customers' employees can integrate data from more than 150 different sources, including salesforce and Oracle enterprise software, even if they have no technical experience. The company announced today that it has launched a $ 8 million Series A round led by Singapore-based venture capital firm Qualgro and Lachy Groom, a former executive at payment company Stripe.
The round, which raised Hevo's total to $ 12 million, also included participation from returning investors Chiratae Ventures and Sequoia Capital, India's early-stage startup program Surge. The company was first covered by theinformationsuperhighway when it raised seed capital in 2017.
Hevo's A series will be used to increase the number of integrations available on the platform and hire sales and marketing teams in additional countries, including the U.S. and Singapore. The company currently has customers in 16 markets, including the United States, India, France, Australia and Hong Kong, and the payment company Marqeta is one of its customers.
In a statement, Puneet Bysani, technical director at Marqeta said: “Hevo saved us a lot of technical hours and our data teams could focus on creating meaningful KPIs that add value to Marqeta's business. With the prefabricated connectors from Hevo, we were able to transfer data from many sources very quickly into Redshift and Snowflake. "
Hevo, based in Bangalore and San Francisco, was founded in 2017 by Manish Jethani, Chief Executive Officer, and Sourabh Agarwal, Chief Technology Officer. The two previously founded companies SpoonJoy, a food delivery startup that was acquired in 2015 by Grofers, one of the largest online food delivery services in India. Jethani and Agarwal worked at Grofers for a year before founding Hevo.
Hevo emerged from the challenges that Jethani and Agarwal faced in developing technologies for the SpoonJoy ordering and delivery system.
"All of our team members came to us and said," Hey, we want to look at these metrics, "or we asked our teams questions if something didn't work. Often they didn't have the data to answer those questions," Jethani said theinformationsuperhighway.
At Grofers, Jethani and Agarwal found that even large companies face the same challenges. They decided to work on a solution that companies could use to quickly integrate data sources.
For example, a marketing team at an e-commerce company may have information about how they advertise on social media platforms and how much traffic campaigns bring to their website or app. However, they may not have access to data on how many of these visitors actually make purchases or whether they become regular customers. By building a data pipeline with Hevo, you can bring all of this information together.
Hevo is designed for all industries, including e-commerce, healthcare and finance. To use it, companies sign up for the services on the Hevo website and employees enter their credentials for the software supported by the platform. Hevo then automatically extracts and organizes the data from these sources and prepares it for cloud-based data warehouses such as Amazon Redshift and Snowflake. A user dashboard allows companies to customize integrations or hide sensitive data.
Hevo is one of a list of code-free and low-code startups that have recently raised venture capital to create tools that non-developers can use to add functionality to their existing software. The founders say the most direct competitor is Fivetran, an Oakland, California-based company that also builds pipelines to move data into warehouses and prepare it for analysis.
According to Jethani, Hevo differs in that it "optimizes our product for non-technical users".
“The number of companies that have to use data is very high and there is not enough talent in the market. Even if it is available, hiring this technical talent is very competitive and expensive because large companies like Google and Amazon are also competing for the same talent, ”he added. "We thought there had to be a degree of democratization who could use this technology."
Hevo also focuses on real-time data integration, which is especially important for companies that offer on-demand delivery or services. During the COVID-19 pandemic, Jethani said, e-commerce customers used Hevo to manage incoming orders because people who stay at home buy more items online. Companies also rely on Hevo to organize and manage data while their employees continue to work remotely.
In a financing statement, Qualgro managing partner Heang Chhor said: “Hevo offers a truly innovative solution for extracting and transforming data across multiple data sources – in real time with full automation. This helps companies fully understand the benefits of data flow through the many databases and software they currently use. The founders of Hevo are the kind of global entrepreneurs we are happy to support. "