VaultSpeed secures USD 15.9 million in Series A financing
Leuven, Belgium — VaultSpeed, the automated data transformation company, announced that it has received a Series A financing of USD 15.9 million (approx. USD 15.9 million (approx. EUR 15.1 million). This financing round is led by Octopus Ventures, one of the largest and most active venture capital investors in the UK and continental Europe. The current investor Fortino Capital, PMV and BNP Paribas Fortis Private Equity are also involved. After two consecutive years of triple-digit revenue growth, VaultSpeed intends to use the proceeds to expand its strong international presence, with a particular focus on the UK and US markets, and to further develop the platform’s automation capabilities.
To enable faster analyses and data-driven decisions, more and more large companies are moving their data to the cloud. This poses a problem for data teams: without automation, it is practically impossible to transform and integrate data from multiple sources in a timely manner without compromising on quality or quantity. — According to a market study by Gartner, global spending on public clouds will increase by 17.5% to 725 billion dollars (approx. EUR 680 billion) by next year. Spending on cloud infrastructures is the fastest growing market segment.
VaultSpeed was launched four years ago with an initial investment of Cronos Group and Fortino Capital in Belgium and has completely transformed data transformation: VaultSpeed not only handles the complexity of data through transformation, but also consolidates data into a comprehensive target data model that data engineers can customize to their needs in days and weeks, unlike traditional methods.
VaultSpeed already offers its automation solutions to global companies, especially in the financial, healthcare and utilities sectors. The company has entered into strategic partnerships with Snowflake, Microsoft and Databricks and has built a network of over 30 service partners to serve customers globally.
“All data teams want to increase productivity and agility. We automate every step of their cloud data warehouse or lakehouse: from setup to maintenance and beyond,” explains Piet De Windt, CEO and co-founder of VaultSpeed. “We are delighted to be working with Octopus Ventures, where they have supported our goal of revolutionizing the cloud data market from the very beginning. With this funding, we aim to triple our revenue by 2025.”
Paul Davidson, Partner at Octopus Ventures (Photo © Octopus Ventures): “Data warehouse automation is increasingly replacing conventional approaches to creating data warehouses that are becoming ineffective and outdated. VaultSpeed has developed a code-free automation platform. We believe it is a first class answer to the challenges of modern data science, where business intelligence or analytics projects often need to be done in a matter of hours rather than months. We are delighted to be working with Piet and Dirk, who are executing their vision for their solution well so far. We are confident that we can help them accelerate their ambitious international expansion plans.”
Marcel van der Heijden, Partner at Fortino Capital“We are delighted to continue to support Piet De Windt, Dirk Vermeiren and their team in their mission to push the boundaries of automation, which has weathered the pandemic and beyond and continues to thrive as it transforms the productivity of data teams. A must-have in the current AI era.”
“VaultSpeed is at the forefront and will use the proceeds to maintain its competitive advantage. We are just beginning to tap into the huge potential of automation in the cloud data warehouse and lakehouse market. For example, we are exploring how AI and abstraction can further revolutionize automation and delivery of target data models,” explained Dirk Vermeiren, CTO and co-founder of VaultSpeed. ”
Roald Borré, Group Manager Equity Investments at PMV: “Automating data migration to cloud environments is a key catalyst for digitizing businesses. PMV is excited to support VaultSpeed in its rapid growth towards becoming a leader in the data space. The combination of the team’s talent and additional funding is the perfect recipe for continued success.”
Ben Kolada and Eddie Harding from ICON Corporate Financewho acted as advisors on the transaction, added: “We are very proud to have advised Piet and the VaultSpeed team on this transformative funding round. VaultSpeed’s rapid expansion clearly demonstrates that the advanced automation capabilities of VaultSpeed’s data transformation platform are exactly what the market demands. In addition, Octopus Ventures, with its extensive industry experience and broad international network, is the perfect partner for VaultSpeed’s next phase of growth.”
VaultSpeed is the preferred solution of leading companies for automated data transformation. By combining automation templates, a graphical user interface for data modeling and a metadata repository in a single platform, VaultSpeed enables organizations to better deploy and maintain their cloud data warehouses or lakehouses. VaultSpeed has offices in London, Seattle, Leuven and Vilnius and cooperates with companies such as HDI, Olympus, Eurocontrol and Bleckmann.
About Octopus Ventures
Octopus Ventures is one of the largest and most active venture capitalists in the UK and continental Europe. The company invests in and supports people, ideas and industries that are changing the world. Octopus Ventures has acquired expertise in seven sectors: B2B software, climate tech, consumer tech, deep tech, fintech, biotech and healthcare.
Octopus Ventures supports over 180 companies in the UK and continental Europe, including highly successful ones such as Zoopla, WaveOptics and Depop. Octopus Ventures invests in people and teams — from the idea on a piece of paper to the later growth phases — and provides capital, know-how and partnerships. The company manages GBP 1.9 billion (approx. EUR 2.2 billion) for private and institutional investors and invests GBP 200 million (approx. EUR 230 million) annually. Octopus Ventures is part of Octopus Investments, an investment company that invests in people, ideas and industries that will change the world. www.octopusventures.com.
About Fortino Capital
Fortino Capital is a European investment company specializing in high-growth B2B software solutions, managing two private equity growth and two venture capital funds. With offices in Belgium, the Netherlands and Germany, Fortino supports exceptional and ambitious entrepreneurs in Europe. Fortino’s venture capital portfolio includes Vertuoza (BE), TechWolf (BE), Timeseer.ai (BE), Zaion (FR), Salonkee (LUX), Sides (DE), D2X (NL), Peers (DE) and Kosli (NO). Fortino Capital’s private equity growth portfolio includes VanRoey (BE), BizzMine (BE), MobileXpense (BE), Efficy CRM (BE), Tenzinger (NL), SpeakUp (NL), Cenosco (NL), Maxxton (NL), Stardekk (BE) and Bonitasoft (FR). www.fortinocapital.com
As an investment company, PMV shapes a sustainable Flemish economy, the engine of our prosperity and well-being. We cooperate with ambitious companies and projects that focus on social impact and financial return. PMV finances promising companies from zero hour to growth and internationalization. The company offers customized financial solutions in the form of capital, loans and guarantees to all entrepreneurs with a good business plan and a strong management team. With and for the government and other partners, PMV also realizes important projects for the prosperity and well-being of Flanders. PMV manages a portfolio worth EUR 1.7 billion. www.pmv.eu/en
About BNP PARIBAS Fortis Private Equity
BNP Paribas Fortis Private Equity, the venture capital arm of BNP Paribas Fortis, has been active in the Belgian private equity market since the 1980s. BNP Paribas Fortis Private Equity is currently acquiring minority shareholdings and providing mezzanine financing to high-performing medium-sized companies. BNP Paribas Fortis Private Equity also invests in specialized venture capital and private equity funds in the Belgian market. BNP Paribas Fortis Private Equity has direct investments in Studio 100, Konings, eTheRNA, Hannecard, Quality Assistance and PointChaud.
About Cronos Group
At Cronos Groep, we combine entrepreneurship with a passion for innovation. Our technological expertise is used not only to create opportunities, but also to promote growth and bring visionary ideas to life. We actively invest in start-ups, incubate promising concepts and provide the resources, mentoring and know-how for their success. With the entrepreneurial spirit embedded in our DNA, we strive to create a future where innovation and human progress go hand in hand. https://cronos-groep.be/
About ICON CORPORATE FINANCE
ICON has offices in London, Bristol and San Francisco and specializes internationally in mergers and acquisitions and capital raising. The company works closely with the global M&A, venture capital, private equity and CVC communities. ICON has advised on exits for companies such as Accenture, Crayon, Aptean, IQVIA, Aviva, NTT, Syniti and Telstra and realized capital raisings with JP Morgan, Synova, BGF, YFM, Mobeus and Moodys. His industry expertise includes AI & DataTech, FinTech, Cyber, HealthTech, Digital Media, EnablingTech, Enterprise Software and Managed Services.