Reltio, an enterprise data-driven applications and modern data management platform as a service (PaaS) company, is receiving $22 million in Series B funding, with the investment being used to expand and accelerate the company’s hiring practices and further innovation.
“The goal is to use this capital to further expand our ability to service customers across a broader set of verticals, increase our sales and marketing reach as well as our continued investment into the product that we have at Reltio,” said Manish Sood, CEO of Reltio.
Leading the round is New Enterprise Associates (NEA) along with existing investors, Crosslink Capital and .406 Ventures, which added to their $10 million Series A investment, bringing Reltio’s total venture funding to $32 million to date.
“The investment by NEA is an endorsement of what we’ve been able to build and bring into the market and the growth potential associated with that,” Sood said.
Additionally, Chetan Puttagunta, a partner at NEA joins Jim Feuille, general partner, Crosslink Capital, and Reltio CEO and founder Manish Sood, on Reltio’s board of directors.
More than 30 companies are now part of the Reltio Connect partner program. Reltio plans to form more alliances across all partner categories and industries.
“We are investing in how we need to scale and build out the product and capabilities as well as the teams that are needed to support engagement with various customers,” Sood said. “The goal for us is to grow Reltio into an independent and sustainable organization where we can continue to grow the revenue and success across the different verticals we are participating in.”
For more information about the investment, visit www.reltio.com.