Series C Funding Right Where We Knew We’d Be
Today, we announced that StreamSets raised $35 million in a Series C funding round, led by new investor Harmony Partners. I met Mark Lotke, Harmony’s Managing Partner, over 18 months ago, and we immediately hit it off because it was clear that he really got both Data and Operations, exemplified by his investments in AppDynamics, Alation and InfluxDB. Our other new investor is Paul Drews of Tenaya Capital. Paul and StreamSets go back a long way; he was a Board Observer in his past life at Battery Ventures and must have liked what he saw. I’m also delighted that our existing investors, Dharmesh Thakker from Battery Ventures and Pete Sonsini at NEA, also participated to their fullest, validating our “say what we’ll do, do what we said” doctrine.
When we launched StreamSets back in 2015, if you had asked me where we would be in 2018, my answer would have been exactly where we are today. Based on Arvind’s and my point of view on what the disruptive trends of big data, cloud, open source and the subscription economy would mean to the $10 billion data integration industry, we knew that DataOps would become the next big thing. But we were practical too, not wanting to get too far out over our skis but rather to meet near-term demand with our first product while allowing the broader DataOps market to develop.
To that end, first we introduced our 100% open source, enterprise-grade StreamSets Data Collector in September 2015, which in three years has been downloaded well over 2 million times by thousands of companies across the globe. Data Collector has become the no-brainer streaming and batch ingestion standard for modern data platforms such as Apache Hadoop, Apache Spark, Apache Kafka, and the offerings from the cloud mega-vendors. Since 2016, we have complemented this “open core” with the rest of our DataOps Platform. The hard work has paid off, as we have doubled our commercial subscriber count and tripled our revenues over the past 4 quarters.
The best is yet to come. With our new funding, we will continue to innovate and differentiate in DataOps, especially around the cloud platforms. We will continue to invest in our world-class customer-facing functions, so we can maintain our best-in-class metrics around customer success. And we will invest in our sales and marketing efforts, including internationally, to serve the Global 8000 and smaller data-intensive companies.
This is an exciting day for StreamSets. If you are at the Strata Data Conference in New York this week, please be sure to stop by our booth (#935) to talk to the team, see our products, and ask us how we can help you modernize your approach to data integration.