Incorta raises $30M Series C for ETL-free data processing solution
Incorta, a startup founded by former Oracle executives who want to change the way we process large amounts data, announced a $30 million Series C today led by Sorenson Capital.
Other investors participating in the round included GV (formerly Google Ventures), Kleiner Perkins, M12 (formerly Microsoft Ventures), Telstra Ventures and Ron Wohl. Today’s investment brings the total raised to $75 million, according to the company.
Incorta CEO and co-founder Osama Elkady says he and his co-founders were compelled to start Inccorta because they saw so many companies spending big bucks for data projects that were doomed to fail. “The reason that drove me and three other guys to leave Oracle and start Incorta is because we found out with all the investment that companies were making around data warehousing and implementing advanced projects, very few of these projects succeeded,” Elkady told TechCrunch.
A typical data project of involves ETL (extract, transform, load). It’s a process that takes data out of one database, changes the data to make it compatible with the target database and adds it to the target database.
It takes time to do all of that, and Incorta is trying to give access to the data much faster by stripping out this step. Elkady says that this allows customers to make use of the data much more quickly, claiming they are reducing the process from one that took hours to one that takes just seconds. That kind of performance enhancement is garnering attention.
Rob Rueckert, managing director for lead investor Sorenson Capital sees a company that’s innovating in a mature space. “Incorta is poised to upend the data warehousing market with innovative technology that will end 30 years of archaic and slow data warehouse infrastructure,” he said in a statement.
The company says revenue is growing by leaps and bounds, reporting 284% year over year growth (although they did not share specific numbers). Customers include Starbucks, Shutterfly and Broadcom.
The startup, which launched in 2013, currently has 250 employees with developers in Egypt and main operations in San Mateo, California. They recently also added offices in Chicago, Dubai and Bangalore.