Incorta nabs $120M to power business data analytics
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Incorta, an analytics platform designed to speed up data ingestion, this week announced that it raised $120 million in funding contributed by Prysm Capital, with participation from National Grid Ventures, GV, Kleiner Perkins, M12, Sorenson Capital, Telstra Ventures, Ron Wohl, and Silicon Valley Bank (in the form of a credit facility). CEO Scott Jones says that the capital, which brings Incorta’s total raised to $195 million, will be used to expand go-to-market operations and meet demand for Incorta’s analytics products.
According to a recent IDC study, 70% of CEOs acknowledge that their organization needs to become more data-driven, with 87% saying that becoming more agile and integrated is a top priority over the next five years. Meanwhile, new research from Ventana Research highlights where companies struggle most with data analytics. Fifty-five percent of organizations report that the most time-consuming task in analytics is preparing the data. According to Ventana, 25% of organizations combine more than 20 data sources in their data preparation activities and 39% uses more than 104.
Incorta, which was founded in 2014 by Oracle veterans Hichem Sellami, Klaus Fabian, Matthew Halliday, and Osama Elkady, offers a solution that aims to help companies to acquire, enrich, analyze, and act upon business data. It can make upwards of tens of billions of rows of data “analytics-ready” without the need to pre-aggregate, reshape or transform the data in any way, connecting to enterprise apps, data streams, and data files via over 240 integrations.
Above: Incorta’s management dashboard.
“The unprecedented events of the past year highlight the importance of modern data analytics in today’s business environment — platforms and tools like Incorta that deliver data to users directly without costly systems and processes like data warehousing … severely limiting speed and agility,” Jones said in a press release. “After hitting a major inflection point in 2020, Incorta is now scaling fast to meet global demand for modern data analytics in the cloud.”
Ninety-five percent of businesses cite the need to manage unstructured data as a problem for their business. Problematically, 80% to 90% of the data companies generate today is unstructured, according to CIO.
Incorta addresses this by offering an enriched metadata map combined with smart query routing. The result is a repository for analytics and machine learning — one that can be run on-premises, hosted by a cloud provider, or delivered as a fully-managed cloud service. Incorta can run as a complete standalone data and analytics pipeline or as a component within a larger analytics and business intelligence tech portfolio, depending on an organization’s data analytics needs.
“Companies have an increasing need to gain insight and make decisions from data with speed and agility, and Incorta provides this mission-critical solution with a differentiated offering,” Muhammad Mian, cofounder and partner at Prysm Capital, said in a statement. “Prysm is excited to partner with an exceptional management team to support the growth of a product that is at the intersection of attractive long-term trends: the explosion of data, digital and cloud transformation, and business intelligence modernization.”
Incorta’s latest round of fundraising, a series D, comes after a year in which nearly 60% of the company’s new revenue came from organic expansion with existing customers across media and entertainment, social, high tech, ecommerce, and retail markets. Incorta recently launched Incorta Mobile, a data analytics experience for mobile devices, as well as partnerships with Microsoft Azure, Google Cloud, eCapital, and and Tableau. And it established a footprint North America, the Middle East, U.K., and Japan.
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