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Incorta, an analytics platform designed to accelerate data ingestion, this week announcement it raised $ 120 million in financing from 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). CEO Scott Jones said 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 analytical products.
According to a recent IDC study, 70% of CEOs agree their organization needs to become more data-driven, and 87% say becoming more agile and integrated over the next five years is a top priority. Meanwhile, a new study from Ventana Research highlights areas where companies struggle the most with data analytics. Fifty-five percent of organizations say the longest analytical task is data preparation. According to Ventana, 25% of organizations combine more than 20 sources in their data preparation activities, and 39% use more than 104.
Incorta, which was founded in 2014 by Oracle veterans Hichem Sellami, Klaus Fabian, Matthew Halliday and Osama Elkady, aims to help companies acquire, enrich, analyze and leverage business data. It can create up to tens of billions of “analytics-ready” rows of data without the need to pre-aggregate, reshape or transform the data in any way, by connecting to the applications of enterprise, data feeds and data files through more than 240 integrations.
“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 expensive systems and processes like data warehousing, ”Jones said in a press release. “After reaching a major inflection point in 2020, Incorta is now evolving rapidly to meet the global demand for modern data analytics in the cloud.”
Incorta aims to solve this problem by offering an enriched metadata map combined with intelligent routing of requests. The result is a repository for analytics and machine learning, which can be run on-premises, hosted by a cloud provider, or delivered as a fully managed cloud service. Incorta can operate as a complete stand-alone data and analytics pipeline or as a component within a larger business intelligence and analytics portfolio, depending on the data analytics needs of an organization. organization.
“Businesses have a growing need to gain insight and make decisions from data with speed and agility, and Incorta provides this critical solution with a differentiated offering,” said Muhammad Mian, partner of Prysm Capital, in a statement. communicated. “Prysm is thrilled to partner with an exceptional leadership team to support the growth of a product that sits at the intersection of compelling long-term trends: the data explosion, digital and cloud transformation and modernization. of business intelligence. “
Incorta’s D-Series follows a year in which nearly 60% of the company’s new revenue came from organic expansion with existing customers in the media and entertainment, social media, high tech, e-commerce and retail. Incorta recently launched Incorta Mobile, a data analytics experience for mobile devices, as well as partnerships with Microsoft Azure, Google Cloud, eCapital and Tableau. It has also established a footprint in North America, the Middle East, the United Kingdom and Japan.
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