According to the launch of the Hevo data pipeline, many small and medium-sized companies operate more than 40 different applications to manage sales, marketing, finance, customer support and other operations. All these applications are important data sources that can be analyzed to improve a company's performance. Such data often remains separate, however, making collaboration between different teams difficult.
Hevo allows its customers' employees to integrate data from over 150 different sources, including Salesforce and Oracle business software, even if they have no technical experience. The company announced today that it has raised a $ 8 million round in Serie A led by venture capital firm Qualgro and Lachy Groom, a former executive of Stripe payment company.
The round, which brings Hevo's total cash so far to $ 12 million, also included the participation of returning investors Chiratae Ventures and Surge, Sequoia Capital India's initial launch program. The company was covered for the first time by ProWellTech when it raised seed funds in 2017.
Hevo's A Series will be used to increase the number of integrations available on its platform and to hire sales and marketing teams in multiple countries, including the United States and Singapore. The company currently has customers in 16 markets, including the United States, India, France, Australia and Hong Kong, and has payment companies Marqeta among its customers.
In a statement, Marqeta technical manager Puneet Bysani said: "Hevo has saved us many hours of design and our data teams could focus on creating meaningful KPIs that add value to Marqeta's business. With Hevo's default connectors, we managed to get data from many sources in Redshift and Snowflake very quickly. "
Headquartered in Bangalore and San Francisco, Hevo was founded in 2017 by CEO Manish Jethani and CEO Sourabh Agarwal. The two previously launched SpoonJoy, a food delivery startup that was acquired by Grofers, one of the largest online food delivery services in India, in 2015. Jethani and Agarwal spent a year working in Grofers before to leave to start Hevo.
Hevo originated from the challenges Jethani and Agarwal faced when developing SpoonJoy order technology and delivery system.
"All of our team members would come to us and say" hey, we want to look at these metrics, "or ask our teams if something went wrong. Often, they wouldn't have the data available to answer these questions," Jethani said. ProWellTech.
So at Grofers, Jethani and Agarwal have understood that large companies also face the same challenges. They decided to work on a solution to allow companies to quickly integrate data sources.
For example, a marketing team of an e-commerce company may have data on its advertising on social media platforms and on the amount of traffic campaigns that lead to their website or app. But they may not have access to data on how many of those visitors actually make purchases or if they become regular customers. By creating a data pipeline with Hevo, they can bring all this information together.
Hevo is designed to serve all sectors, including e-commerce, healthcare and finance. To use it, companies sign up for Hevo's services on its website and employees enter their credentials for the software supported by the platform. Then Hevo automatically extracts and organizes data from those 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 part of a series of "no code, low code" startups that have recently raised venture capital funds for the construction of tools that allow non-developers to add functionality to their existing software. The founders say its most direct competitor is Fivetran, a company based in Oakland, California, which builds pipelines to move data into warehouses and prepare it for analysis.
Jethani said that Hevo differs by "optimizing our product for non-technical users".
"The number of companies that need to use the data is very high and there are not enough talents available on the market. Even if it is available, it is very competitive and expensive to hire that engineering talent because large companies like Google and Amazon are also competing for the same talent, "he added." So we felt there had to be some democratization of who can use this technology."
Hevo also focuses on real-time data integration, which is especially important for companies that provide on-demand deliveries or services. During the COVID-19 pandemic, Jethani states that e-commerce customers used Hevo to manage an influx of orders while people under house orders purchase multiple items online. Companies also rely on Hevo to help organize and manage data while their employees continue to work remotely.
In a funding statement, Qualgro's managing partner Heang Chhor said: "Hevo offers a truly innovative solution for extracting and transforming data on multiple data sources, in real time with complete automation. This helps companies to fully reap the benefits of data flow through the numerous databases and software they currently use. The founders of Hevo are the type of entrepreneurs with a global mentality that we like to support ".
