Business

Incorta gets $120M in funding led by Prysm Capital

incorta 120m series prysm 195mvanianfortune

Direct Data Platform Incorta has confirmed a funding round of $120 million. The round was led by Prysm Capital while other participants included Kleiner Perkins, GV, Sorenson Capital, M12, Ron Wohl, Telstra Ventures, and a credit facility courtesy of the Silicon Valley Bank. The round also saw participants like National Grid Ventures which helps in accelerating the expansion of Incorta into the energy segment.

The company was founded in 2014 and has raised approximately $195 million till date. The fresh funds will help in scaling up its operations, while meeting worldwide demand for unified data analytics solutions. The CEO at Incorta, Scott Jones, stated that the sudden events in the last year serve to highlight the crucial need for contemporary data-based analytics in the current business sphere, including tools and platforms such as Incorta which enable direct data delivery to users without expensive procedures and systems, such as ETL and data warehousing, which hinder overall agility and speed alike.

He also stated that after a watershed mark in 2020, the company is ramping up swiftly in order to cater to the rising global demand for contemporary analytics which is cloud-based. Incorta has grown revenues by 60% over the last year across both existing and new clients, including Fortune 500 players, the global entertainment and media entities, retail, social, eCommerce, and technology. It has also entered into industry deals with Google Cloud, Microsoft Azure, eCapital, Google Cloud, and Tableau, along with Incorta Mobile, which is the first such unified data analytics-based experience in the world.

The Partner and Co-Founder at Prysm Capital, Muhammad Mian, stated that companies are increasingly requiring more insights and decision-making from their data with more agility and speed. Prysm is also thrilled to tie up with a good management team according to him. He stated that the firm is looking to back up the expansion of a product that combines digital, data, and transformation on the cloud, along with the modernization of business intelligence.

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