StreamSets Raises $35 Million in Series C Funding Round Led by Harmony Partners
StreamSets®, provider of the industry’s first DataOps platform for modern data integration, announced today it raised $35 million in a Series C funding round, led by Harmony Partners. Also participating in this round are new investor Tenaya Capital, and existing investors Battery Ventures and New Enterprise Associates (NEA). This round brings the firm’s total funding to over $65 million. StreamSets will use the investment to accelerate its international go-to-market, research and development efforts, and customer-facing functions.
The investment underscores the growing importance of DataOps, the emerging practice of applying DevOps principles to data management and data integration. DataOps has grown in importance as companies re-architect their “data supply chain” with microservices; leverage new data sources like IoT devices, API feeds and systems logs; and adopt an array of modern data platforms such as AWS, Microsoft Azure, Google Cloud Platform, Apache Kafka, Apache Hadoop/Spark, and NoSQL.
StreamSets DataOps Platform lets enterprises build, integrate, deploy and operate dataflow architectures for big data and streaming applications — all as a continuous, disciplined process. They often realize order-of-magnitude cost savings and greatly accelerate the delivery of data serving key initiatives such as customer 360, cybersecurity and IoT. The platform’s unique ability to inspect and act on data as it flows (“Intelligent Pipelines”) means it can automatically address data drift to avoid pipeline breakdowns, detect and protect sensitive data in-stream, and enforce Data SLA guarantees — things that are not possible using traditional data integration solutions.
“We’re seeing enterprise data architectures grow in complexity while use of big and fast data becomes business-critical, driving market insights, product innovation and operational excellence,” said Mark Lotke, founder and managing partner, Harmony Partners. “Harmony is purpose-built to find and support bold tech entrepreneurs who are revolutionizing their industries, having invested in firms such as Alation, InfluxDB and Qubole. StreamSets fundamentally changes the $10 billion data integration market, helping companies cost-effectively squeeze maximum value out of their big data and streaming data assets.”
This latest funding round comes on the heels of excellent market traction and financial performance. In the previous four fiscal quarters, the company doubled its commercial customer count and tripled its revenues. StreamSets Data Collector™, the open source core of StreamSets platform launched three years ago, has been downloaded well over 2 million times by thousands of companies, including over one-third of the Fortune 500. Commercial customers include leading firms such as GSK, Chesapeake Energy and Solera Holdings, plus state and government agencies in multiple countries. Over two-thirds of StreamSets commercial customers subscribe to one or more of its proprietary software offerings.
“The disruptive trends of cloud data platforms, self-service analytics and open source software allow enterprises to unleash the power of big and fast data to all business units and processes,” said Girish Pancha, CEO and co-founder, StreamSets. “Companies and government entities use the StreamSets DataOps Platform to operationalize the continuous delivery of the right data to the right people, even as data sources, platforms and user requirements constantly change. Built for modern enterprise architectures, StreamSets technology does away with the rigidity and opaqueness of traditional data integration software.”
“Battery has had a long-standing thesis that data and AI are the key enablers of digital transformation across many industries,” said Dharmesh Thakker, a Battery Ventures general partner and StreamSets board member. “We have enjoyed our partnership with StreamSets from the company’s early days, as they have become a new data integration standard in a cloud- and AI-first world. We are excited to partner with Harmony, Tenaya and NEA to drive the next stage of the company’s growth.”
Enterprise data leaders interested in seeing StreamSets DataOps Platform in action can visit StreamSets at the Strata Data Conference (booth #935), September 11-13 in New York City.
DataOps is the application of DevOps practices to data management and integration to reduce the cycle time of data analytics, with a focus on automation, collaboration and monitoring. DataOps is essential for a data landscape marked by architectural complexity with accelerating change.
DataOps is characterized by the following core capabilities:
- Cross-platform data integration that enables flexible selection of fit-for-purpose storage and compute platforms
- Data SLAs for continuous monitoring, measurement and enforcement of business standards for data availability, quality and protection
- Continuous integration and delivery (CI/CD) of dataflows for agility (proactive change management)
- Data drift resilience — automated detection and response to unexpected changes to schema and semantics (reactive change management)
StreamSets built the industry’s first multi-cloud DataOps platform for modern data integration, helping enterprises to continuously flow big, streaming and traditional data to their data scientists and data-intensive applications. It uniquely handles data drift, those frequent and unexpected changes to data that break pipelines and damage data integrity. The platform combines the open source StreamSets Data Collector for execution of any-to-any pipelines (the data plane) with a cloud-native StreamSets Control Hub™ for the design, monitoring and performance management of multi-pipeline topologies (the control plane). Founded in 2014 by Girish Pancha, former chief product officer of Informatica, and Arvind Prabhakar, a former engineering leader at Informatica and Cloudera, StreamSets is backed by top-tier Silicon Valley venture capital firms, including Battery Ventures, New Enterprise Associates (NEA), and Accel Partners. For more information, visit www.streamsets.com.
Harmony Partners is a bi-coastal boutique venture capital firm whose mission is to enable tech entrepreneurs to optimize expansion stage financings. With offices in New York City and Silicon Valley, Harmony fills a gap in the market for entrepreneur-friendly expansion stage capital.
Harmony eliminates the deal constraints of traditional growth equity firms: $30-50 million minimum check sizes, >20% ownership targets, mandatory board seats, vetoes on M&A events, and multi-layered decision making. As such, the firm works collaboratively with Founders to craft the ideal financing that minimizes dilution, saves the company time and effort, while
accommodating insider appetite and making room for strategics, if relevant. Since 1993, the firm’s partners have invested in over 80 software, consumer, and life sciences companies including Anaplan, AppDynamics, Aveksa, E*Trade, InfluxData, Intersect ENT, mParticle, Natera, Postmates, Priceline, Qubole, Scopus, Spotify, SS&C, and Zerto.
To learn more, please visit www.harmonyvp.com.