Automation company Fivetran on Tuesday said it has announced a $44 million in Series B financing round, led by private American venture capital firm Andreessen Horowitz, and participation by existing investors Matrix Partners and CEAS Investments.
California-headquartered Andreessen Horowitz (also called a16z, legal name AH Capital Management, LLC) is a private American venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz. Andreessen was the co-author of Mosaic–the first widely used web browser–and co-founder of Netscape that was acquired in 1999 for $4.3 billion by AOL. Microsoft, in turn, licensed Mosaic to create Internet Explorer in 1995.
Martin Casado, general partner at Andreessen Horowitz, will join the company’s board of directors. “Fivetran technology solves the last remaining hurdle to widespread adoption of data analytics programs — data centralization,” said Casado, in a statement.
Fivetran, on its part, builds automated data integration technology that helps analysts centralize data into cloud warehouses. The company said in a statement that it plans to use the funding to build on the demand for its technology, expand its customer base, and advance its automated services to more sources and destinations. The company also plans to scale operations, and hire across its offices in Oakland, Denver, Dublin, and Bengaluru.
Fivetran said it has doubled its customer base, expanded operations into Europe, the Middle East and Africa (EMEA) and increased its headcount, over the past one year.
“Data-driven insights are essential for building successful organizations, but the rapid growth of cloud-derived data makes it hard to provide a centralized view of marketing, sales, finance or HR,” added George Fraser, co-founder and chief executive of Fivetran. “We automate the data integration required to centralize data in cloud warehouses, eliminating the need to build complex data pipelines,” he said.
Source: Mint