June 26 (Reuters) - Data connectivity solutions provider

CData Software said on Wednesday it had raised nearly $350

million in growth equity financing led by U.S. private equity

firm Warburg Pincus.

Enterprises are processing more data than ever to support

their AI strategies, said CData, whose clients include

Salesforce ( CRM ), Office Depot and FedEx ( FDX ).

North Carolina-based CData did not disclose its valuation,

but a source close to the funding round said it was more than

$800 million. Venture capital firm Accel also participated.

CData told Reuters it is growing by more than 40%

year-on-year and expects to reach about $100 million in annual

recurring revenue (ARR) by the end of 2024, drawing renewed

interest from investors in funding fast-growing software

companies.

Founded in 2016, CData offers self-service data products and

connectivity solutions that enable access to real-time data from

both on-premises and cloud applications.

The firm plans to use the cash to accelerate investments in

operations, product development and its go-to-market strategy.

Updata Partners, a technology-focused growth equity firm in

Washington D.C. that invested $140 million in CData in 2021 and

$20 million in 2020, will remain a significant investor.