TechNexus Venture Collaborative portfolio company Ocient closed their Series B round with an impressive $40 million dollar raise, bringing the startup’s total invested capital to $65 million. The round was led by Chicago-based OCA Ventures and New York / Los Angeles-based Greycroft.
Ocient builds databases and analytics software to enable a high-speed analysis of the world’s largest datasets. “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.
Founded in 2016, Ocient has seen tremendous growth in the past 5 years. The company has continued to expand during the COVID-19 pandemic and aims to add 75 new team members by the end of 2021. “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,” stated in their press release.
For many years, TechNexus has played a major supporting role in Ocient’s growth journey. In its early days the company operated and grew onsite at our Collaboration Center leveraging the community of entrepreneurs, mentorship, and advisory. We’re inspired by the heart and spirit of the team and the advanced machine learning, artificial intelligence, and data analytics solution they’ve built.
“There’s a massive need, globally, for data management and analytics solutions, Ocient capitalizes on that need by reimagining how large scale datasets are interacted with. Chris, Joe and the team are disrupting the industry and have potential to continue scaling as more and more companies look for data and analytics solutions. Ocient’s success is another example of the transformative digital solutions born from Chicago’s venture ecosystem” says Fred Hoch, Founding Partner of TechNexus.
Ocient’s data analytics solution allows many traditional industries & corporations to embrace digital transformation, empowering them to become the disruptor, not the disrupted. “[Large] organizations are struggling to keep up with today’s data demands, a challenge that will only continue to increase exponentially,” said Chris 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 has become the standard for analytics with their solutions being utilized by industry leaders from the government to large-scale enterprises. The future is bright for Ocient as data mining continues to grow and the need for rapid analysis increases in all industries.
More coverage of their raise can be found on their website and on Chicago Inno.
TechNexus Venture Collaborative has made hundreds of investments in promising, purpose-built startups with several focused on disruptive data analytics technologies. Check out our full investment portfolio and subscribe to our newsletter for more news and insights.