Ocient Announces $40 Million Series B to Help Organizations Manage Modern Data Demands
01/25/2021 | 02:27pm EST
CHICAGO, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Ocient, a data analytics solutions (DAS) company serving companies struggling with massive datasets, announced today the completion of a $40 million Series B funding round, bringing total invested capital to $65 million.
The investment was led by Chicago-based OCA Ventures and New York City/Los Angeles-based Greycroft, with participation by Valor Equity Partners, PSP Partners, Hyde Park Angels, Pritzker Group Venture Capital, Gaingels, and the MIT and Northwestern University chapters of Alumni Venture Group.
The new capital will be used to grow Ocient’s engineering, customer success, operations, and sales and marketing teams, with headcount expected to double to 150 by the end of 2021.
Co-founded in March 2016 by Chris Gladwin, Joseph Jablonski, and George Kondiles, Ocient transforms how industries ingest, store, and analyze the world’s largest datasets, delivering unmatched price/performance levels.
“Organizations are struggling to keep up with today’s data demands, a challenge that will only continue to increase exponentially,” said Gladwin, Ocient’s CEO. “With Ocient technology, organizations can tap into every piece of data now and in the future, unleashing massive new enterprise value.”
Ocient is deploying in Auction & Exchange Analytics, Security, and Geospatial customer use cases, all built on the proprietary Ocient DAS using industry-standard interfaces and hardware, which can hold quadrillions of rows of data, ingress billions of rows per second, and filter and compute across trillions of rows per second.
Available via the Ocient Cloud, public cloud, or on-premise, the Ocient DAS delivers in areas where existing data analytics solutions fall short:
Scalability – Handles petabytes of data without sacrificing performance.
Speed – Runs queries and analytics 5 to 50 times faster than the best alternatives.
Cost of Ownership – Requires 1/5th of the data storage footprint.
Flexibility – Handles complex analytical functions and dynamic schema changes.
Deployment Speed – Has purpose-built solutions for specific industry vertical use cases.
Accessibility – Uses industry-standard query and analytics interfaces, including SQL, JDBC, and ODBC.
“Ocient provides massive scale data analytics solutions with built-in machine learning via a full stack solution to optimize performance, supporting commodity hardware in the cloud or on premise, allowing customers to run queries in seconds which previously could not be executed,” said Jim Dugan, Managing Partner at OCA Ventures. “Ocient’s DAS enables its customers to gain higher fidelity and deeper insights from its data, and opens up new revenue streams while significantly reducing their cost of operations. As a lead investor from inception to exit in Chris’s prior data startup, Cleversafe, we experienced firsthand management’s ability to convert brilliant innovation into revolutionary commercial success, and we are thrilled to include a world-class firm like Greycroft and our other co-investors to help Ocient achieve dramatic results.”
Optimized for industry-standard hardware utilizing NVMe SSD, massively parallel processing on large core-count processors and 100Gbps networking, Ocient has benchmarked query-performance levels that are orders of magnitude better than competing products:
50 times faster than high performance alternatives.
1,000 times faster than MPP, NoSQL and Hadoop-based databases when querying a large dataset (with same hardware, queries and data).
“The Ocient DAS is the new standard for analytics for the world’s largest datasets, where queries that take other applications one hour to complete can now take less than 10 seconds,” said Mark Terbeek, Partner at Greycroft. “Ocient is building and deploying industry leading distributed scalable architectures for the world’s largest enterprise and government customers, and we are excited to support their phenomenal growth.”
Ocient is building database and analytics software and services to enable rapid analysis of the world’s largest datasets. To learn more about Ocient, please visit http://www.ocient.com/.
About OCA Ventures
OCA Ventures is an early stage (Seed, Series A, and Series B) venture capital firm focused on equity investments in companies with dramatic growth potential, primarily in technology and highly-scalable businesses. OCA invests in many industries, with a preference for technology, financial services and healthcare technology. Founded in 1999, the firm is investing out of its fourth fund in companies across the United States, with offices in Chicago and Palo Alto. To learn more about OCA, please visit www.ocaventures.com.
Greycroft is a seed-to-growth venture capital firm that partners with exceptional entrepreneurs to build transformative companies. The firm has deep experience in both consumer and enterprise technology, with a portfolio that spans the globe. Greycroft values building enduring relationships with founders and understands that they want more from investors than just capital. Greycroft has raised more than $2 billion in commitments and has over 200 active investments. The portfolio includes Acorns, Anine Bing, App Annie, Axios, Bird, BetterCloud, Braintree, Bright Health, Buddy Media, Bumble, Flutterwave, Goop, Happiest Baby, Huffington Post, Icertis, Lightricks, Maker Studios, Medly, Openpath, Scopely, SEMrush, Shipt, TheRealReal, Thrive Market, Trunk Club, Venmo, and Yeahka. For more information visit, www.greycroft.com.