New Funding Enables Incorta to Scale Go-to-Market Operations for Delivering its Award-Winning Modern Data Analytics Platform and Further Accelerate Global Expansion
Incorta, the Direct Data Platform, announced $120 million in Series D funding led by Prysm Capital, with participation from existing investors GV (formerly Google Ventures), Kleiner Perkins, M12 (formerly Microsoft Ventures), Sorenson Capital, Telstra Ventures and Ron Wohl, as well as a credit facility from Silicon Valley Bank. The round also included participation from new investor and strategic partner National Grid Ventures, which aims to accelerate Incorta’s expansion in the energy industry. Since Incorta’s founding in 2014, the company has raised $195 million in total funding. The latest round of funding will be used to expand go-to-market operations and meet global demand for Incorta’s unified data analytics platform.
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Today’s announcement comes at a time of breakout growth and expansion for Incorta, with major milestones and continued investments in product innovation, customer success, and industry partnerships, including:
- Rapid growth in revenue, driven by new and existing customers, with nearly 60 per cent of new revenue growth in the last 12 months coming from organic expansion with existing customers, 14 per cent of which are Fortune 500 companies, including leading global brands in Media and Entertainment, Social, High Tech, eCommerce, and Retail.
- Strategic industry partnerships and product innovation, including partnerships with Microsoft Azure, Google Cloud, eCapital and Tableau, as well as the recent launch of Incorta Mobile, the world’s first unified data analytics experience for mobile devices. A testament to our commitment to innovation, Incorta was named the 2020 Microsoft Startup Partner of the Year.
- Inclusion in the 2021 Gartner “Cool Vendors” report for Analytics and Data Science. Incorta’s Direct Data Platform was selected for its unique ability to address complex data and analytics challenges by eliminating the need for data modelling, cubes, extraction, transformation and loading (ETL) batch jobs, or optimisation.
- Broad industry recognition for Incorta’s unified data analytics platform and Direct Data Mapping technology, with awards and analyst coverage from 451 Research, Dresner, Forrester, Gartner, Ventana and other leading industry research groups.
- Four key executive leadership hires since January 2021, including Scott Jones as CEO, Greg Peters as CCO, Darryl Banks as CRO, and Sheri Kelleher as SVP of People.
- A fast-growing global footprint with offices and partners throughout North America, the Middle East, UK and Japan.
Further accelerating Incorta’s growth and expansion is a business and technology landscape where uncertainty and change are the new normal. For companies stuck in outdated data analytics systems and mindsets, it’s becoming more difficult to navigate volatility and manage risk – and these vulnerabilities are becoming impossible to ignore.
- According to a recent IDC study, 70 per cent of CEOs today acknowledge their organization needs to become more data-driven and 87 per cent of CXOs say that becoming more agile, integrated and data-driven is their #1 priority over the next five years. IDC also estimates worldwide spending on big data and analytics software will reach $27.3 billion this year.
- Meanwhile, new research from Ventana Research highlights where companies struggle most with data analytics: 55 per cent of organisations report the most time-consuming task in analytics is preparing the data. According to Ventana, 25 per cent of organisations combine more than 20 data sources in their data preparation activities and 39 per cent combine more than 104.
Incorta is a unified data analytics platform that enables companies to acquire, enrich, analyze, and act upon business data with unmatched speed, simplicity and insight. Powered by Direct Data Mapping, Incorta can make tens of billions of rows of data across multiple source databases analytics-ready in a matter of minutes. The platform is built for power users and novices alike and provides simple, yet powerful tools for individuals and teams to freely explore, enrich, and innovate with data.
Investment firm Prysm Capital, which led this funding round, focuses on growing companies in the technology, consumer and healthcare sectors. It is dedicated to helping entrepreneurs build disruptive, market-leading companies.
