June 26 (Reuters) - Data connectivity solutions provider

CData Software has raised nearly $350 million in growth equity

financing led by U.S. private equity firm Warburg Pincus, as

enterprises are processing more data than ever to support their

AI strategies, the company told Reuters on Wednesday.

CData did not disclose its valuation, but a source close to

the deal said it was valued at over $800 million. Venture

capital firm Accel also participated in the funding round.

The company said it is growing by more than 40%

year-over-year and expects to rake in $100 million in annual

recurring revenue (ARR) by end of this year, drawing renewed

interest from investors in funding fast-growing software

companies.

Founded in 2016, North Carolina-based CData offers

self-service data products and connectivity solutions that

enable access to real-time data from both on-premises and cloud

applications. Its client list includes Salesforce ( CRM ),

Office Depot and FedEx ( FDX ).

The company intends to use the financing 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.