SAN FRANCISCO – StreamSets Inc., provider of the industry’s first enterprise data operations platform, has raised $20 million in Series B funding. Venture capital firms Accel Partners, Battery Ventures and New Enterprise Associates (NEA) participated in the funding round. The funding follows StreamSets’ success in helping enterprises manage their data in motion to propel key initiatives such as big data lakes, the Internet of Things, cybersecurity and customer 360 applications.
The company plans to use the new funding for market expansion in North America and Europe and to accelerate delivery of new capabilities in its platform components: the award-winning open source StreamSets Data Collector and the cloud-native StreamSets Dataflow Performance Manager (DPM™).
“When companies have access to fresh and pristine data, they innovate faster, operate more efficiently and reduce their business risk,” said Girish Pancha, CEO and co-founder of StreamSets. “StreamSets uniquely provides ‘air traffic control’ for all of a company’s dataflows, making it possible to build data-driven applications faster and control the timeliness and quality of the data from a single point.”
The growing demand for StreamSets’ data operations platform is evidenced by its rapid adoption and significant traction. In the 20 months since its public launch, StreamSets has surpassed 250,000 open source downloads, identifying half of the Fortune 100 and well over 1,000 companies within that community. In its most recent fiscal quarter, the company logged an eight-fold increase in revenue year over year. StreamSets was recently selected as one of only four vendors in Gartner, Inc.’s “2017 Cool Vendors in Data Management” report.
“Since the company’s public launch in 2015, it has become increasingly clear that StreamSets can deliver the data performance management solution the market is clamoring for,” said Peter Sonsini, general partner at NEA. “The momentum they are seeing, from open source traction to adoption by some of the world’s leading enterprises, is a testament to the strength of the platform and the team Girish has assembled. We’re thrilled to continue our partnership with StreamSets and help them accelerate growth with this new round of funding.”
StreamSets helps enterprises conquer the emerging dataflow chaos caused by new big data sources, a multi-cloud sprawl of data processing systems and ever-increasing urgency from data consumers for immediate analysis. The ability to reliably provide data quickly and with quality is an obstacle to success for business initiatives from democratizing data access through a centralized data lake to new big data applications like the Internet of Things, cybersecurity and customer 360.