e6data has secured £7.5 million ($10 million) in a Series A funding round led by Accel Partners, with participation from Beenext and others. The company aims to tackle rising costs and performance issues in data analytics and AI.
With global spending on data intelligence platforms expected to reach £75.9 billion ($100 billion) in 2024, enterprises are under increasing pressure to maximize ROI. The total market for data and AI solutions is forecast to hit £174.7 billion ($230 billion) by 2025, with 60% of executives planning to boost their investment.
Vishnu Vasanth, e6data’s co-founder and CEO, noted, “Data intelligence platforms are now the second largest IT spending category after cloud services.” Despite this, companies face significant ROI challenges as they try to enhance performance without inflating costs.
e6data has developed a new compute engine to address these issues, offering five times higher performance and over 50% savings in total cost of ownership compared to existing solutions. The company’s platform aims to reduce ecosystem lock-in, requiring no data migration or downtime.
The funding will support the expansion of e6data’s Lighthouse Customer Program, which delivers the solution as a managed service for enterprise use cases. By providing a cost-effective, flexible alternative to traditional platforms, e6data aims to alleviate pricing pressure from major vendors while boosting the efficiency of data analytics and AI workloads.
