Data infrastructure startup e6data raised USD 10 million in a new round of funding led by venture capital firm Accel, with participation from Beenext and others. With the fresh funds, the company said it wants to double down on its research and development (R&D) efforts to help its customers with better offerings, onboard more clients and scale its hiring on the go-to-market front, as per media reports.
e6data, a company founded in 2021, has developed a hyper-performance computation engine for data intelligence platforms and provides managed services for businesses. By processing data for tasks like generative AI workloads and business intelligence reporting, the platform helps major corporate clients increase return on investment (RoI) and prevent developing forms of ecosystem lock-in at multiple tiers of the data stack.
There are 65 employees in the organisation, with most of them being engineers, and most of them are headquartered in Bengaluru. Alumni from Cisco, ThoughtWorks, IBM, MinIO, Microsoft, Agilent, and Sigmoid make up the leadership team of e6data.
From a revenue perspective, e6data uses a consumption-based approach in which businesses pay according to the quantity and duration of computing they utilise. The total addressable market (TAM) for AI and data solutions is expected to reach USD 230 billion by 2025, according to e6data. But as expenditure increases, businesses are growing more worried about their return on investment
