IVP leads $30m Series C for India, US-based Qubole
Qubole, a big data firm based in India and the US, has raised a $30 million Series C round led by Institutional Venture Partners (IVP).
The capital will be used to expand the availability of Qubole Data Service, a big data analytics platform, and to introduce more customizable analysis tools. Qubole also plans to grow its customer base by pursuing large businesses that are expanding their use of cloud computing services and by targeting new verticals including smart devices and retail, and by building its customer acquisition efforts in the Asia-Pacific and EU regions.
"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," Somesh Dash, a general partner at IVP who will join the Qubole board, said in a statement. "The company is poised for explosive growth and we couldn't be more excited about becoming shareholders."
Existing investors Charles River Ventures (CRV), Lightspeed Venture Partners and Norwest Venture Partners also took part in the round. Lightspeed and CRV participated in Qubole's $7 million Series A round in 2013, and Norwest led the company's $13 million Series B last year.
Qubole was founded in 2011 by Ashish Thusoo and Joydeep Sen Sarma, who built and ran Facebook's data service before founding the company. Its platform is designed to integrate information from multiple sources in order to help businesses manage their analytics data themselves. Clients of Qubole include Oracle and Pinterest.
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