With their total funding at $90 million, the company hopes to indulge in feature development and enhance integrations with the cloud data warehouses
Carto is a spatial analytics company that just ended its latest round of funding, having raised $61 million. The round was led by Insight Partners, a famous technology investment firm. With big names such as Salesforce and Accel backing them, Carto has raised $90 million in funding.
What is Carto
Carto, officially known as CartoDB Inc., is a cloud-based solution that allows users to process their geospatial data into maps. This helps business analysts gain meaningful insights and find patterns in the business results. For example, a few use cases would include a retailer looking to open more stores, and Carto can help identify places where the competitor has a lower presence to capture the market.
Carto simplifies the process of creating maps by offering the Builder tool. This tool allows businesses to develop geospatial maps without the need for a coding background. This makes it accessible and easy to understand. Data can be added to the tool, and it will automatically generate a map to improve your processes. If the user has technical prowess, an advanced version can be used through SQL query language. Carto says that using the platform can help developers build applications that automatically perform analysis on data.
Future of Carto
The company has amassed a large sum of money in funding and plans to improve functionalities. Carto has announced that the funding will be used to enhance integrations with cloud data warehouses. Since most businesses are shifting to the cloud to store their data, this can be a big step forward for the startup. Work is in progress to improve Carto, but they are on the fast track to success.