IVP led a $30 million Series C funding round in Qubole, which provides a cloud-based big data platform. Existing investors CRV, Lightspeed Venture Partners and Norwest Venture Partners invested into the funding round. IVP General Partner Somesh Dash will join Qubole’s board of directors. The company has raised a total of $50 million to date.
Qubole, the big data-as-a-service company, today announced that it has closed a $30 million Series C financing, bringing its total funding to $50 million. IVP led the financing and General Partner Somesh Dash will join the Qubole board of directors. Existing investors CRV, Lightspeed Venture Partners and Norwest Venture Partners invested additional capital into the company as part of the financing.
Qubole will use this funding to expand the availability of Qubole Data Service (QDS), a self-service platform for big data analytics, and to integrate new data engines so customers can choose the right tool for their data analytics needs. Qubole has seen great traction in a number of industries, with customers including Datalogix (Oracle), BloomReach, Pinterest, TubeMogul and Fanatics. The company plans to target several new verticals, including Internet of Things (IoT), life sciences and retail. Additionally, the company will target larger enterprises that are accelerating their usage of the cloud. It will also expand its customer acquisition efforts in the APAC and EU regions.
This announcement follows a tremendous year of growth for the company, which now processes 250+ petabytes of data each month on its cloud-based big data analytics platform. This round of financing reinforces Qubole’s leadership as it continues to disrupt the big data industry with its self-service, cloud-based platform to make processing more accessible in an enterprise while reducing complexity and cost. Qubole currently runs on the largest public clouds — Amazon Web Services, Google Cloud Platform and Microsoft Azure — and over the next year it will expand its cloud-agnostic platform to integrate with additional cloud providers.
“As more data is created in the cloud than on premise, enterprises need a complete big data solution that can provide SQL, machine learning, real-time analytics and batch processing in the cloud that is also self-service and operationally simple to manage,” said Somesh Dash, General Partner at IVP. “Qubole’s platform is already being used by innovative customers with unprecedented data needs, and has proven to be the most comprehensive, easy-to-use and economical solution available. IVP was impressed by the quality of the management team, the size of the market opportunity and the strong traction to date. The company is poised for explosive growth and we couldn’t be more excited about becoming shareholders.”
“We are thrilled to have several of the largest and most innovative companies as customers. This additional investment will enable us to expand our efforts in sales, marketing and product development while continuing to serve our current customers with excellence,” said Ashish Thusoo, CEO and Co-founder of Qubole. “As the clear leader in the market, Qubole is establishing the standard for how enterprises process big data in the cloud.”
Qubole is a big data-as-a-service company that provides a fast, easy and reliable path to turn big data into valuable business insights. Qubole’s cloud-based platform addresses the challenges of processing huge volumes of structured and unstructured data. It uses clouds such as Amazon Web Services, Google Cloud Platform and Microsoft Azure to help enterprises extract value out of their big data while enabling their operations teams to be nimble and adaptive to their users’ needs. Qubole achieves this through features such as auto-scaled big data clusters and integrated tool sets for data analysts, developers and business users. With more than 250+ PB of data processed every month across its customer base, Qubole’s platform makes enterprises agile with big data.
With $5.4 billion of committed capital, IVP is one of the premier later-stage venture capital and growth equity firms in the United States. Founded in 1980, IVP has invested in over 300 companies and 103 have gone public. IVP is one of the top-performing firms in the industry and has a 34-year IRR of 43.2%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. IVP investments include such notable companies as AppDynamics, Business Insider (Axel Springer), Buddy Media (CRM), Datalogix (ORCL), Domo, Dropbox, Dropcam (GOOG), Fleetmatics (FLTX), GitHub, HomeAway (AWAY), The Honest Company, Kayak (PCLN), Klarna, LegalZoom, LifeLock (LOCK), Marketo (MKTO), MySQL (ORCL), Netflix (NFLX), Omniture (ADBE), OnDeck (ONDK), Prosper, Pure Storage (PSTG), Shazam, Slack, Snapchat, SoFi, SoundCloud, Supercell (SoftBank), Synchronoss (SNCR), Tanium, Twitter (TWTR), Zenefits, and Zynga (ZNGA). For more information, visit www.ivp.com or follow IVP on Twitter: @ivp.