Acho takes on seed funding to create a great app for data workers – TechCrunch
When Vincent Jiang worked as a software developer, his daily job was to create charts for financial analysts so that they could create financial reports on trading strategies.
He believed that in some cases analysts could do it themselves rather than relying heavily on engineering manpower – they just needed the right tools to get them up and running. This is how the idea of Acho, a great application designed for data workers, was born.
Jiang partnered with co-founder Samuel Liu to start the company in May 2020. They went through Y Combinator’s 2020 summer batch and now have $2.2 million in seed funding, led by Goat Capital, with participation from Liquid2 Ventures and Capital X.
Acho transforms a company’s data assets into business applications, such as a performance dashboard, project management, or web application, without the aid of existing IT resources or data infrastructure.
“The biggest issue facing data teams today is literacy,” Jiang told TechCrunch. “If you haven’t written SQL for many years, you’re not very comfortable with this. That’s why we thought that with Acho you could create this kind of collaborative database for teams so they can consume data without deep technical knowledge. Consider Google Sheet for real-time databases.
Currently, Acho has over 50 teams as customers using the app to bring together data, teammates and apps. In addition, his three-person team has grown to 11 over the past three months, Jiang said.
After graduating from YC in 2020, the product was only a month old, so Jiang and Liu decided to postpone the fundraising a bit to attract more customers. What ended up happening was that they closed out a round pretty quickly, much to their surprise.
“We just didn’t know there was so much excitement in our space,” Jiang said. “Some of the companies in our lot, within a year or two, have become a unicorn in the data space, so we realized there’s a huge demand from the investor, but we don’t want to increase a little initially to avoid dilution and so we could focus more on customers.
As such, it intends to use the new funding to develop the features, services, and infrastructure that customers demand. He also wants to increase the size of the team to accommodate the 50% customer growth the company is experiencing each month.
Goat Capital founder Robin Chan said he and Justin Kan thought Jiang and Liu were focused on “building a real business” and were impressed with their speed of action.
“Vincent is a super brave entrepreneur who has built a strong core team,” Chan added. “That’s what draws us to this category of business. There’s so much funding for SaaS products, but it’s creating a ton of fragmentation in the business, the vendor space, and we’re looking for people who are creating a data fabric or a circulation system, to make it more fluid for business to operate, especially in the remote control paradigm. It’s getting harder and harder for people to collaborate with all these fragmented products. You need a common base on data, that’s what Vincent built and it’s really powerful.