IVP leads Series C financing along with existing investors CRV, Lightspeed Venture Partners and Norwest Venture Partners
Qubole, the big data-as-a-service company, today announced that it has closed a $30 million Series C financing, bringing its total funding to $50 million. IVP led the financing and General Partner Somesh Dash will join the Qubole board of directors. Existing investors CRV, Lightspeed Venture Partners and Norwest Venture Partners invested additional capital into the company as part of the financing.
Qubole will use this funding to expand the availability of Qubole Data Service (QDS), a self-service platform for big data analytics, and to integrate new data engines so customers can choose the right tool for their data analytics needs. Qubole has seen great traction in a number of industries, with customers including Oracle Data Cloud, BloomReach, Pinterest, TubeMogul and Fanatics. The company plans to target several new verticals, including Internet of Things (IoT), life sciences and retail. Additionally, the company will target larger enterprises that are accelerating their usage of the cloud. It will also expand its customer acquisition efforts in the APAC and EU regions.
This announcement follows a tremendous year of growth for the company, which now processes 250+ petabytes of data each month on its cloud-based big data analytics platform. This round of financing reinforces Qubole’s leadership as it continues to disrupt the big data industry with its self-service, cloud-based platform to make processing more accessible in an enterprise while reducing complexity and cost. Qubole currently runs on the largest public clouds – Amazon Web Services, Google Cloud Platform and Microsoft Azure – and over the next year it will expand its cloud-agnostic platform to integrate with additional cloud providers.
“As more data is created in the cloud than on premise, enterprises need a complete big data solution that can provide SQL, machine learning, real-time analytics and batch processing in the cloud that is also self-service and operationally simple to manage,” said Somesh Dash, General Partner at IVP. “Qubole’s platform is already being used by innovative customers with unprecedented data needs, and has proven to be the most comprehensive, easy-to-use and economical solution available. IVP was impressed by the quality of the management team, the size of the market opportunity and the strong traction to date. The company is poised for explosive growth and we couldn’t be more excited about becoming shareholders.”
“We are thrilled to have several of the largest and most innovative companies as customers. This additional investment will enable us to expand our efforts in sales, marketing and product development while continuing to serve our current customers with excellence,” said Ashish Thusoo, CEO and Co-founder of Qubole. “As the clear leader in the market, Qubole is establishing the standard for how enterprises process big data in the cloud.”