Serving Both Startup Companies and Large Businesses
The startup company said it will use the fresh capital to increase its lead in the market and take advantage of the increasing demand for centralized, scalable access control across cloud data sets. The latest funding comes less than a year after Immuta’s Series C business funding round, while the total funding raised by the cloud startup now stands at $169 million.
Immuta will also invest the proceeds to facilitate its product research and development, boost its business sales and marketing capacity, and reinforce its strategic partnerships in the cloud data industry.
“We’ve entered a new era in data and analytics fueled by ubiquitous cloud storage, new cloud data management tools, and the rise of DataOps,” said Matthew Carroll, chief executive at Immuta, before adding that the raised business funding will “accelerate innovation and GTM expansion.
The Boston-based cloud startup was founded in 2015 to develop a platform that accelerates self-service access and improves the control of sensitive data. Over the past six years, the company has partnered up with several top cloud data technology providers and upgraded its platform, which now serves as a one-stop-shop for data teams.
The company helps large businesses scale centralized data operations. Furthermore, Immuta’s product makes it easier for tech companies to build and scale data-powered products.
“We looked at other competition in the space and Immuta’s product and solutions are really at the top of the heap. From intelligent data discovery to data access and control, to integration with all the top cloud analytics services, Immuta’s platform is best-in-class,” said Hunter Somerville, a general partner at Greenspring Associates, which currently manages over $12 billion across multiple business stages, sectors, and geographies.
For its last fiscal year, the startup company reported that global bookings rose by over 115%, while the number of its employees grew twofold. It also expanded its business customer base and now serves several big names, including Aon, Credit Suisse, Daimler, Flatiron, IAG, S&P Global, and the US Army.
“One of the really big advantages that Immuta has given us, from a return-on-investment perspective, is our ability to make change happen faster,” said Dave Abrahams, Executive General Manager of Data, IAG.
Abrahams added that before, it would take months of analysis and assessment to access and use data to improve the product, and now, thanks to Immuta, that can be done instantly across all of the data.
Immuta announced on Thursday it has secured $90 million in a new funding round led by Greenspring Associates. The cloud data access control company said it will use the proceeds to reinforce its leading position in the market and invest in product research and development, as well as increase sales and marketing capacity.
About the Author
Avi Ben Ezra is the CTO and Co-founder of SnatchBot and SnatchApp (Snatch Group Limited). He leads the Group’s long-term technology vision and is responsible for running all facets of the tech business which includes being the architect of the platforms and UI interfaces.