Utah-based buyout house Sorenson Capital has led a $30m Series C financing round for specialist data warehouse provider Incorta.
Existing investors including GV, Kleiner Perkins, M12 (formerly Microsoft Ventures), Telstra Ventures and Ron Wohl also took part in the round, bringing Incorta’s total capital raised to $75m.
Incorta aims to allow businesses working with complex data to use it in its original form and analyse it without the traditional modelling and extract, transform and load (ETL) overheads.
Company co-founder and CEO Osama Elkady said, “As businesses race to become more data-driven and make real-time decisions across every aspect of their business, the volume and complexity of their data simply cannot be handled by the traditional ETL-based data warehouses.
“This new funding, paired with explosive revenue and customer growth, provides a clear line of sight to grow the business and continue to drive innovation to meet growing customer demand.”
Incorta said it had experienced 284 per cent year-over-year growth in revenue during the trailing twelve months, driven by new industry partnerships and product innovation.
Rob Rueckert, managing director for Sorenson Capital, said the market disruption that Incorta is leading in enterprise software was a key factor in its investment.
He said, “As every business in every industry races to find competitive advantage through faster access to data, Incorta is poised to upend the data warehousing market with innovative technology that will end 30 years of archaic and slow data warehouse infrastructure.
“This type of disruptive innovation enables Incorta to capture a large share of the big data market and we’re glad to join them in this exciting time for the company.”
AltAssets revealed in February that Sorenson Capital had beaten its target for its debut venture capital fundraise by reaching a $110m-plus final close for the vehicle.
The firm’s Sorenson Ventures fund will target early-stage enterprise software and security businesses, and has already been used to back companies including CyCognito, Botkeeper and Octarine.
Sorenson, which was hoping to collect up to $100m for the fund, said it plans to expand that portfolio to between 15 and 20 total investments.
Mid-market private equity house Sorenson Capital has more than $1bn in capital under management.
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