Nexla, a provider in data engineering automation whose customers include JPMorgan, Johnson & Johnson, LinkedIn, Doordash, Poshmark, and Instacart, announced the acquisition of Fidap.
Fidap provides clean data for advanced analytics and machine learning.
Nexla is a pioneer in data engineering automation that simplifies making data ready to use for enterprise data users. Fidap was started by former Google and Bloomberg product leader Ashish Singal based on the challenges he had seen in getting readily usable external data for machine learning. Fidap was backed by Google’s AI-focused fund, Gradient Ventures, Engineering Capital, and several key angels, including Keenan Rice, Sabrina Hahn, and Ankit Jain.
The global big data and data engineering services market is expected to grow to $77.37 billion by 2023 and the Financial Data Service Providers industry is valued at $19.8 billion.
“Nexla has been helping scale data engineering at enterprises through automation,” says Saket Saurabh, Co-founder and CEO at Nexla. “With Fidap’s acquisition, we will be solving last mile challenges in getting ready-to-use data into the hands of data users. It will also broaden the capabilities of Nexsets, our data product solution.”
In addition to data engineering tools that help users make data usable, Nexla will now have pre-packaged ready-to-use data sets. These include public datasets such as US Census and Federal Reserve data and commercial data sets such as equities market data. These datasets will be available in multiple velocities and formats and major cloud warehouses, live streams, and files in popular cloud storage systems.
Nexla originally started with tools to simplify how companies integrate external and third-party data. This acquisition will bring Fidap’s team and technology to help Nexla go further with prepared datasets for data scientists and analysts.
“Despite the economic downturn, Nexla has been running a responsible cash-flow positive operation for the last fifteen months while maintaining a 300 per cent year over year growth rate and a 400 per cent growth rate in its team,” says Saurabh.
“At a time of industry-wide layoffs and venture capitalists wanting to see a revenue model from the outset, our company has benefited from disciplined execution since day one. We are leveraging our strategic mergers and acquisitions capabilities to expand our product portfolio and team.”
