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SaaS startup Hevo Data secures $8 Mn funding

Saransh Pandey

Intern
  • July 29, 2020
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    • In Series A funding round SaaS startup Hevo Data secures $8 Mn funding.
    • VC firm Qualgro and angel investor, Lachy Groom were the new investors who joined the Series A funding round.
    • Till the present date, Hevo Data has acq

    Hevo Data a cloud-based data-integration platform which in its Series A funding round led by Singapore-based VC firm Qualgro and angel investor, Lachy Groom, has secured $8 million. Chiratae Ventures and Sequoia Capital Surge which are the existing investors of the company also backed the company in the latest round.  

    Hevo was successful in acquiring the fresh capital after a long gap of 9 months. In October 2019, in a round led by Sequoia and Chirate the company raised $4 million. Hevo Data is a Bengaluru and San Francisco-based startup which in three financing rounds till today, has accumulated around $13 million total capital.  

    The present fundraised by the company will be used in increasing the number of integrations available on its platform, expanding its sales and marketing terms in more countries which include United States and Singapore. As a part of its second cohort in India and Southeast Asia Sequoia selected 20 startups which included  Hevo. 

    Manish Jethani and Sourabh Aggarwal founded SaaS-based  Hevo in 2016. The platform takes care of most of the time-consuming activities by using machine learning to understand the source model from various kinds of data sources such as databases, cloud applications, sensor data (IoT), and clickstream data. 

    The SaaS-based platforms have made huge profits in India in the past one year. Last month only, Postman secured $150 million at a total valuation of $2 billion to become part of the SaaS unicorns club in India which includes FreshWorks, Eka Software, Zoho, Druva, and Icertis. Other companies in this sector like Apponomic, Carestack, Urbanpiper, and Greytip have raised over $60 million funds in 2019.  

    Utsav Somani, AngelList India’s head, launched a micro venture capital fund of corpus $5 million this year to boost the SaaS ecosystem in India. Also, a $50 million worth technology and private equity fund was started by Basic Vectors which targeted mainly the software companies.