Incorta, San Mateo, California-based data analytics firm has announced raising $30 million fresh investment as part of the Series C financing led by Sorenson Capital. The funding round saw participation from GV (formerly Google Ventures), Kleiner Perkins, M12 (formerly Microsoft Ventures), Telstra Ventures, and Ron Wohl.
Before this round, Icorta has raised $30 million in Series B round which arrived in 2 phases where Kleiner Perkins led $15 million round in 2017 while $15 million was infused by M12 and Telstra Ventures last year. This totals the funding raised by the company to $72.6 million.
Incorta was founded by Hichem Sellami, Klaus Fabian, Matthew Halliday, and Osama Elkady in 2013 as a platform which aggregates complex business data in real-time. The company has offices in Chicago, Dubai, and Bangalore apart from having developers in Egypt and main operations in San Mateo, California.
Osama Elkady talking about founding the firm to TechCrunch said, “The reason that drove me and three other guys to leave Oracle and start Incorta is that we found out with all the investment that companies were making around data warehousing and implementing advanced projects, very few of these projects succeeded."
Commenting on how the freshly raised capital be used, Osama said, “This new funding, paired with explosive revenue and customer growth, provides a clear line of sight to grow the business and continue to drive innovation to meet growing customer demand.”
Sorenson Capital's lead investor Rob Rueckert talking about the infusion said, “Incorta is poised to upend the data warehousing market with innovative technology that will end 30 years of archaic and slow data warehouse infrastructure."