CData Software, a data connectivity solutions provider, has secured approximately $350m in growth funding.
The investment was led by Warburg Pincus, with participation from Accel.
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The company intends to use the funds to accelerate development of its new data integration solutions for its customers.
Based in North Carolina, CData has not publicly disclosed its valuation following the funding round.
However, a source close to the matter told Reuters that the company’s valuation exceeded $800m.
Updata Partners, which previously invested in CData’s Series A in 2020 and Series B in 2021, will continue as a significant investor in the company.
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By GlobalDataCData, which was founded in 2016, highlighted the increasing demand for data processing and sharing capabilities across various sources to support businesses’ artificial intelligence strategies.
More than 7,000 organisations, including companies such as Office Depot, Holiday Inn, and FedEx, are said to use CData’s solutions to address their data connectivity needs.
The company’s technology is also used by data management providers and independent software vendors, including industry giants such as Google, Salesforce, and Informatica.
These partners embed CData technologies into their platforms to meet their customers’ growing data integration requirements.
To further simplify data connectivity for enterprises, users, and applications, CData plans to continue investing in its operations, product development, and go-to-market strategy.
CData co-founder and CEO Amit Sharma said: “Data access is at the core of any AI, ML, or advanced analytics strategy, but continues to be a challenging roadblock to innovation for many organisations today.
“Given their vast experience working with companies of a similar profile, partnering with Warburg Pincus and Accel will help CData thrive in our next stage, bringing cutting-edge solutions to the market and supporting our customers’ modern data initiatives.”
Warburg Pincus managing director Cary Davis said: “CData is a great fit within our portfolio as a market leading provider of mission-critical data connectivity solutions, allowing organisations to connect, integrate, and manage data from various sources across on-premises and cloud environments.”
In April this year, CData announced the acquisition of Data Virtuality for an undisclosed sum.
This move bolsters CData’s presence in the data virtualisation market, offering customers an enterprise data virtualisation and integration platform designed for real-time access to large volumes of data.
