US-based tech firm Fivetran on Tuesday said it has raised USD 44 million (about Rs 311 crore) in financing, led by American venture capital firm Andreessen Horowitz.
The series B round also saw participation from existing investors Matrix Partners and CEAS Investments. Martin Casado, general partner at Andreessen Horowitz, will join the company’s board of directors.
“The funds will be used to further strengthen technology, advance automated services to more sources and destinations, and scale operations. We plan to hire people across all locations – Oakland, Denver, Dublin (Ireland) and Bengaluru,” Fivetran co-founder and CEO George Fraser told PTI.
He added that the global headcount is expected to grow to about 400 from about 175 currently.
Talking about Indian operations, Fraser said the company started its India centre in Bengaluru a few years ago, and currently has about 40 people.
“India is an important market. We have a few customers here and are looking whether we should set up a sales office here. Over the next 12 months, we expect the headcount at the Bengaluru development centre to more than double,” he added.
Fraser said companies across sectors are looking data-driven insights to expand their business, but rapid growth of cloud-derived data often makes it hard to provide a centralised view of information in marketing, sales, finance or HR teams.
“We automate the data integration required to centralise data in cloud warehouses, eliminating the need to build complex data pipelines,” he said.
Fivetran serves more than 750 companies globally, including DocuSign, Lime, Optimizely and Urban Outfitters, Inc. PTI SR SR