Unravel Data raises $50 million in Series D funding led by Third Point Ventures
- ByStartupStory | September 28, 2022
Unravel Data, a platform for data observability has secured $50 million in Series D investment led by Third Point Ventures, with participation from Bridge Bank and current investors Menlo Ventures, Point 72, GGV Capital, and Harmony Capital. This brings Unravel Data’s total funding to $107 million.
The funding will be used by Unravel Data to develop its platform and make greater sense of data stacks inside and beyond prominent data ecosystems such as Databricks, Snowflake, Amazon EMR, BigQuery, and Dataproc.
Recently announcing the launch of its second office in Hyderabad, the first being in Bengaluru, the firm intends to increase its workforce, particularly in artificial intelligence, big data, and cloud development operations.
Kunal Agarwal and Shivnath Babu founded Unravel Data to offer development teams visibility across data stacks, diagnose and optimize data workloads, and implement cost controls. Third Point Ventures led a $50 million Series D fundraising round in which Bridge Bank, Menlo Ventures, Point 72, GGV Capital, and Harmony Capital also participated, bringing Unravel’s total funding to $107 million and reflecting the company’s sustained success.
“Regardless of what industry an enterprise competes in, the one thing that each has in common with each other is the understanding that being able to transform raw data into actionable insights is directly proportional to their ability to deliver new innovations to market,” Agarwal told TechCrunch in an email interview. “For that reason, despite the economic uncertainty brought about by the pandemic, we’ve seen strong and sustained interest in both the [observability] methodology in general and the Unravel platform in particular.”
Agarwal refused to disclose Unravel’s income or the number of its customers. However, he did mention Adobe and Deutsche Bank as customers, as well as the 84.51° data analytics arm of Kroger.
Agarwal said that the Series D funding would be used to scale Unravel’s operations, establish APIs to consume data from a larger number of applications, and “doubling” the size of Unravel’s technical staff. However, he did mention that Unravel, which presently has more than 100 workers throughout the United States, Europe, and India, is looking for technical and operations positions.
In the wake of Covid 19’s massive migration to the cloud, IT infrastructure has evolved to a higher level of sophistication. Today’s data stack is made up of hundreds of individual software programs. These tools facilitate the whole app development process, as well as the gathering, integrating, orchestrating, analyzing, and storing of data. On top of that, it grows and evolves in complexity daily. According to Productiv, a SaaS app management startup, in September of last year, the average company had 254 internal tools, with most departments handling between 40 and 60 separately.
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