Equirus InnovateX Fund Leads $1 Million Seed Round in the Data Engineering Startup
FinTech BizNews Service
Mumbai, October 10th,2024: Equirus InnovateX Fund (EIF) has announced its latest investment in Datazip, a cutting-edge data engineering startup, leading a $1 million seed round with a substantial contribution of INR 6 crores. This marks EIF's second investment from their $30 million tech-focused venture capital fund, emphasizing their commitment to supporting innovative technology-driven startups.
Datazip is co-founded by a stellar team of industry experts including Mr. Sandeep Devarapalli is an IIST and IIM Ahmedabad alumnus, and former Space Scientist at ISRO, who is a seasoned 2x tech founder; Mr. Shubham Baldava, an NIT Jamshedpur alumnus with over 6 years of experience working with three unicorns; and Mr. Rohan Khameshra, an IIT Kharagpur graduate and former founding data team member at Rapido and Khatabook. Together, on a mission to build composable lakehouse platforms that increases data engineers' productivity by 10x.
In an era where data powers AI, ML, and technological innovation, Datazip is transforming how businesses handle massive datasets in real-time. As the data ecosystem shifts towards open data formats that decouple storage, metadata, and compute, Datazip is at the forefront of this movement. This breakthrough approach positions businesses to unlock the full potential of their data assets today while preparing for tomorrow's innovations. In just 12 months, Datazip has achieved product-market fit and onboarded 15 clients, with ambitious plans to grow tenfold over the next year.
The data lakehouse platform market, currently valued at $11.1 billion USD, is projected to grow at an impressive CAGR of 22.9% from 2023 to 2033, expanding from $8.9 billion to $66.6 billion USD. With the increasing demand for efficient data management solutions and the growth of AI and machine learning applications, Datazip is well-positioned to capture a significant share of this burgeoning market.
Commenting on the investment, Sunder Nookala, General Partner, Equirus InnovateX Fund (EIF), said “We are delighted to partner with Datazip in their mission to make data engineers 10x more productive. Their deep understanding of data engineering challenges, coupled with a clear vision, is what drew us to the founders. We believe their platform will become an essential tool for any data-driven business.”
"We are excited to partner with Equirus InnovateX Fund and grateful for their belief in our vision. As more organizations embrace open data formats and technologies like Apache Iceberg, Datazip is headed to be at the forefront of this transformative wave. Our goal is to empower data engineers, enhancing their productivity, and this investment is a crucial step towards realizing that mission” said Sandeep Devarapalli, Co-founder and CEO of Datazip, Inc.
Shubham Baldava, Co-founder and CTO of Datazip, added “The fundraise will help us create & innovate world class data engineering and analytics products out of India”
Rohan Khameshra, Co-founder and CPO of Datazip, concluded “We're grateful for Equirus InnovateX Fund's confidence in Datazip's vision. This partnership will accelerate our mission to provide data engineers with the tools they need to thrive in the era of open data and AI”.
