SAN MATEO, Calif., Oct. 18, 2018 — Incorta, a hyperconverged analytics software company, today announced $15 million in funding by M12, Microsoft’s venture fund (formerly Microsoft Ventures), and Telstra Ventures. This round coincides with the company’s Fall ’18 release, which makes the platform horizontally scalable for any volume of data without the need for partitioning, performance tuning or query optimization. M12 and Telstra Ventures’ investments bring Incorta’s Series B funding to $30 million.
“Incorta’s approach to analytics fundamentally changes how quickly data is turned into insights at massive scale,” said Rashmi Gopinath, partner at M12. “We’ve invested in Incorta because of the amazing list of Fortune 100 companies that have bet big by deploying Incorta technology in their most strategic data initiatives. We’re excited to be part of the journey of scaling the Incorta business.”
“We are very impressed with Incorta’s tremendous traction across marquee customers spanning a broad variety of industries. The engine query performance against large data sets is something we have never seen in production before,” said Saad Siddiqui, Venture Investor at Telstra Ventures. “We’ve invested in Incorta to further fuel their growth and augment it with their expansion in the Asia Pacific markets.”
Global market intelligence firm IDC expects the data warehousing market to grow 40 percent to $20 billion in 2020, and that the overall big data and analytics market to top $200 billion the same year. Multiple studies have revealed that only a fraction of data currently is deployed for analytics. Incorta’s rapid access enables businesses to further data curiosity during the time window when value is highest.
Traditional data warehousing often attempts to simplify vast complexity by designing complex star schemas and building extract, transform, and load ETL pipelines to reshape source data – process that can be cumbersome, costly and brittle. Incorta streamlines design by eliminating the need for complex data modeling and unnecessary parts of ETL. Unlike other integrated analytics offerings, Incorta can ingest, store and analyze hundreds of billions of complex business records that require hundreds of joins.
“Our users are consistently blown away by how fast they’re getting the information they need,” said Ajit Oak, Broadcom senior manager of business intelligence. “It used to take 8 to 12 weeks to get a report from request to production. With Incorta, IT can deliver on new report requests in hours. Business users can have real-time conversations with data, without having to re-engage with IT for every new question.”
“Business agility is severely hamstrung when queries take hours to respond despite running the analytical and reporting applications on very expensive and highly-engineered appliances. Within weeks, our customers are able to replace these appliances with the Incorta platform that scales horizontally on commodity hardware, on-premises or in the cloud, while delivering orders or magnitude faster query response times,” said Incorta CEO Osama Elkady. “M12’s investment helps us scale our go-to-market, especially with our upcoming product release, Fall ‘18.”
The Fall ‘18 Incorta release offers an unparalleled boost to business and IT productivity. Entire data sets are ingested in Incorta in their original shape and form, giving analysts and executives the ability to easily zoom in and out of information detail while maintaining 100 percent data fidelity.
In addition, the Fall ’18 release:
Speeds IT’s ability to deliver new reports in minutes by
- Ingesting entire schemas and eliminating the need for data model design and the unnecessary parts of ETL.
- Running hundreds of joins against the most complex data sets without having to flatten them.
Strengthens businesses’ ability to feed their data curiosity by
- Delivering real-time answers to successive questions without the need for IT involvement.
- Bypassing errors that can crop up during complex data transformations, boosting data confidence.
Accelerates data science initiatives by
- Enabling data scientists to access business data quickly via built-in PySpark.
- Eliminating multiple data copies and redundant ML and AI stacks.
Unfetters data access with built-in security by
- Inheriting and enforcing source row-level security privileges, paring privacy and security issues while rolling out new applications.
- Avoiding the need to create new security buckets for every additional data pre-aggregation.
Maximizes ROI and lowers TCO by
- Dramatically paring down the legacy data warehousing value chain, including modeling and ETL.
- Easily augmenting existing data warehousing investments while dramatically speeding time-to-insight.
Incorta delivers a hyperconverged analytics software platform that dramatically speeds up insights by paring down the unnecessary parts of data modeling and extract-transform-load (ETL) that are costly, cumbersome, and brittle and hold data-driven businesses hostage. With Incorta, IT can deliver new reports within minutes as opposed to weeks, and business can feed data curiosity by conducting real-time conversations with their data to make more accurate and timely decisions. Backed by GV (formerly Google Ventures), Kleiner Perkins, M12 (formerly Microsoft Ventures) and Telstra Ventures, Incorta is deployed and powers analytics for some of the world’s largest and fastest-growing companies.
To learn the fastest way to what matters, visit www.incorta.com.
As the corporate venture arm for Microsoft, M12 (formerly Microsoft Ventures) invests in enterprise software companies in the Series A through C funding stage. As part of its value-add to portfolio companies, M12 offers unique access to strategic go-to-market resources and relationships globally. Visit https://m12.vc/ to learn more.
About Telstra Ventures
Telstra Ventures is a strategic venture capital firm that is focused on providing synergy revenues to its portfolio companies and financial returns to its limited partners. Telstra Ventures invests in market leading, high growth technology companies with exceptional products and leaders. Telstra Ventures is backed by two strategic LPs: Telstra, one of the 20 largest telecommunications providers globally, and HarbourVest, one of the world’s largest private equity funds. With offices in San Francisco, Sydney, Melbourne and Shanghai, Telstra Ventures has invested in over 50 companies since its inception in 2011. Visit www.telstraventures.com to learn more.