PEAK XV-BACKED DATA & AI STARTUP ATLAN BAGS $105 MILLION LED BY GIC, MERITECH CAPITAL

San Francisco-based Atlan has raised $105 million at a valuation of $750 million in a Series C funding round led by Singapore’s sovereign wealth fund GIC and Meritech Capital, with participation from existing investors Salesforce Ventures and Peak XV Partners.

One of the startups in Peak XV's third cohort of the Surge accelerator program in 2020, the current round has brought the startup's fundraising to more than $206 million, with Insight Partners and Waterbridge Ventures among its institutional investors.

For Atlan, the fundraiser comes at a time when demand for AI data readiness and governance has skyrocketed. "Over the past year, boards have consistently asked their CIOs and CDOs about their AI roadmaps, who have realized that the main hurdle isn't AI models but the lack of AI-ready data—data enriched with business context, trust, and security," said Prukalpa Sankar, co-founder, Atlan.

Also Read: BNPL startup Simpl lays off over 100 employees as part of cost-cutting measures

"Atlan is addressing this by building the control plane for the data and AI stack, integrating trust and context into the digital fabric," added Sankar. The startup claims to have seen its revenues surge more than 7x in the last 2 years, with a 75% win rate in competitive trials and a 400% enterprise sales growth in Q1 2024.

Some of the startup's top clients include Cisco, Autodesk, Unilever, Ralph Lauren, FOX, News Corp, Nasdaq, NextGen, Plaid, and HubSpot. "...no two organizations handle data the same way: for data teams, diverse approaches are a feature, not a bug,” said Varun Banka, co-founder of Atlan.

"So, we built a solution that unifies data across warehouses, lakehouses, vector DBs, BI tools, and AI agents. In doing so, Atlan empowers data teams to leverage the entirety of their data at high velocity and scale by ensuring its quality, accuracy, and governance," Banka explained.

Atlan claims that its platform cuts time spent in finding and understanding data by 95%, enabling faster data governance and AI readiness for enterprises.

Also Read: Poshn secures $6 million in pre-Series A round to expand its business

"Atlan is setting a new standard for modern data governance, especially for enterprises with a cloud-first data strategy," said Rob Ward, co-founder of Meritech Capital and investor in data companies like Snowflake, Looker, and Tableau.

2024-05-08T15:56:14Z dg43tfdfdgfd