Reltio, a cloud-based data management platform (DMP), announced the closing of a Series C investment of $40 million on Tuesday.
Led by New Enterprise Associates (NEA), the financing also includes participation from new investor Sapphire Ventures and existing investors Crosslink Capital and .406 Ventures. Reltio’s total equity to date amounts to $72 million.
Reltio -- which plans to go on a hiring spree with the added investment, expanding its engineering, sales and marketing departments -- has been growing rapidly since coming out of stealth mode in 2015. It has already doubled its employee headcount in the past two years.
The company plans to increase its number of employees by additional 50% in 2017. It will expand its technology to the global market, after recently opening up a new office in Bengaluru, India.
Founded in 2011 and based in Silicon Valley, Reltio is a data management Platform-as-a-Service (PaaS) provider that aims to help enterprises become more data-driven.
Reltio’s cloud-based technology organizes disparate data sources into one management platform. With data no longer siloed, sales and marketing teams can gain a holistic view of customer behavior and engagement, and thus provide more relevant and targeted services across channels.
Reltio aggregates customer data from internal, external, third-party and social media sources, then applies predictive analytics and machine-learning technology to provide relevant big data insights and recommend next steps to closing a deal.
It was highlighted as a leader in Forrester’s most recent report on the data management market, The Forrester Wave: Master Data Management, Q1 2016, alongside Informatica, SAP and IBM. Reltio received the highest score in the strategy category, and only trailed Informatics in the current offering category.