Reltio, an enterprise applications and data management provider, revealed April 18 that it has banked $40 million in new venture capital.
The Redwood City, Calif.-based startup, founded in 2011 by the team that created Informatica’s master data management franchise more than a decade ago, had its funding round led by global venture capital firm New Enterprise Associates (NEA). A new investor, SAP-owned Sapphire Ventures, also joined the round. Existing investors Crosslink Capital and .406 Ventures also participated.
CEO and founder Manish Sood told eWEEK that the new funds will be used for Reltio’s marketing and engineering, sales and marketing initiatives while improving the company’s cloud platform.
Reltio claims to be the only multitenant platform as a service (PaaS) that enables enterprises to build data-driven applications with reliable MDM, relevant big data insights and intelligent recommended actions.
To capitalize on emerging opportunities growing across every industry, Sood said Reltio is hiring business and IT professionals in offices around the world and is set to increase headcount by more than 50 percent in 2017.
The company recently announced that it has added a new office in Bengaluru, India, and brought aboard industry veteran Manish Jain as Vice President and General Manager for the region, where he will be responsible for overall India strategy and operations.
Reltio’s frontline platform, Reltio Cloud, is an all-purpose backstop-type enterprise platform that ostensibly fills all the gaps between point products and their separate functions. These functions include Hadoop big data batch analytics, specialized analytic tools, data lakes, and siloed master data management processes.
All these functions are available as a single, subscription-based cloud service.
"Data is the new natural resource, but it’s truly valuable only when it’s effectively mined, related and transformed into insight with business actions that can be taken within the context of day-to-day operations," Sood said. "Data is collated and analyzed for actionable intelligence with the speed needed to support innovation and spark new revenue streams. IT gets a modern data management platform, while business users get easy-to-use data-driven applications to address their everyday needs."
Sood said Reltio is designed for enterprises who use services like Facebook or Linkedin, but Reltio is also primed for companies in traditional data-intense sectors, such as health care and life sciences, oil and gas, retail and distribution.
Ray Wang, founder and principal analyst, Constellation Research, noted that "Reltio offers organizations a technology platform that comes with industry-specific, data- driven applications. The company also enables partners and organizations to rapidly create their own data-driven applications. Data-driven applications represent a new category of digitally designed applications that help organizations take data, deliver relevant information, identify insights, reveal patterns and drive decisions across the enterprise.”
For further details on Reltio Cloud capabilities and pricing, email [email protected]eltio.com.