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Last week, CData Software secured a massive $350 million round of funding that not only catapulted its data connectivity solutions to prominence but also marked a significant victory for big data as a whole?
Since its spin-off in 2014, the company has focused on building foundational infrastructure that enables seamless data exchange between various databases, frameworks, and file systems, thereby empowering our modern digital landscape.
For individuals seeking ADO.NET suppliers, ELT software for Snowflake, ODBC readers for TensorFlow, or AS2 documents for distributors in Omaha, CData offers the critical components required to facilitate seamless information exchange between disparate systems.
Today, Chapel Hill, North Carolina hosts a vast array of nearly 100 unique information connectivity products, each designed to facilitate data transfer to over 300 distinct endpoints, including databases, file systems, ERP systems, and e-commerce platforms.
As such, it’s no surprise that various software vendors are also potential CData customers. Several prominent software programs and companies, including , , , , and , benefit from OEM agreements with CData, offering a wide range of data connectivity solutions. It’s unnecessary to re-create something that already exists – a philosophy that applies equally well to ODBC drivers as it does to reinventing the wheel.
With expertise in building foundational data connectors, CData’s insights harmonize with customers seeking bespoke solutions to meet their unique needs. CData boasts approximately 7,000 prospects, with revenue growth surging at a 40% annual rate, and is expected to reach $100 million in annual recurring revenue (ARR) by the end of 2024? A report citing an anonymous source claimed that CData’s valuation stood at approximately $800 million.
A private equity firm, Warburg Pincus, partnered with Accel to invest in a software company that builds fundamental infrastructure components. Isn’t Gen AI touted as the next game-changer, rather than a mere ODBC driver upgrade?
To harness the power of AI, you require a substantial amount of data, which is often disseminated through various stakeholders, including drivers, suppliers, utilities, and other tools crafted by CData.
Citing CData’s rich history, CEO Amit Sharma proudly emphasized the company’s relentless pursuit of innovation, underscoring its ability to empower organizations with intuitive connections to disparate data sources. “Despite being the foundation of many AI, machine learning, and advanced analytics strategies, knowledge entry remains a significant impediment to innovation for numerous organizations today.”
CData is seeking to leverage its expertise to expand into the rapidly growing information virtualization market, where it can help organizations gain rapid, real-time access to digital representations of specific data sets through a data-access layer, thereby simplifying and eliminating technical complexity stemming from custom-built information integration connections.
According to a report by Allied Market Analysis, the information virtualization market is poised to reach $22.2 billion in revenue by 2031. Virtualization suppliers are increasingly popular, with one notable company entering the market in September 2023.
Carter Griffin, the lead associate at Updata Companions, who oversaw the company’s $140 million Series B round in 2021, has spoken publicly about CData’s impressive progress.
“With a world-class product suite that combines expert knowledge, connectivity options, and seamless performance, CData is well-positioned to sustain its market leadership, thanks in part to the strategic partnership with Warburg Pincus and Accel,” Griffin observed. “We are delighted to extend a warm welcome to these new buyers, and look forward to fostering a continued and strengthened partnership with CData.”
