(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, Office Depot and FedEx.

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.

(Reporting by Juby Babu in Mexico City and Krystal Hu in New York; Editing by Alan Barona and Alexander Smith)