Startup Atlan Pte. Ltd., which helps companies manage the datasets they use in their analytics projects, today announced that it has raised a $ 50 million funding round at a $ 450 million valuation.
Salesforce Ventures, Insight Partners and Sequoia Capital India led the round. They were joined by several other investors, including ThoughtSpot Inc. co-founder Ajeet Singh and Fivetran Inc. co-founder Taylor Brown. ThoughtSpot is a data analytics startup that recently raised $ 100 million in funding, while Fivetran is a provider of data integration software valued at $ 5.6 billion.
Atlan’s latest funding round comes eight months after its previous capital raise, a $ 16 million Series A investment that included the participation of former Snowflake Inc. Chief Executive Officer Bob Muglia.
Atlan provides a software platform that enables companies to organize the datasets they use for analytics initiatives in a centralized interface. The centralized interface allows an organization’s analytics professionals to quickly find the specific data they need for a project. Usually, a company’s business information is scattered across multiple software systems, which makes specific files difficult to find.
Before a firm can use a dataset for an important task such as generating a revenue forecast, it has to ensure that the dataset is accurate. Atlas helps with the process by providing an overview of how a given dataset was modified over time. Analytics teams can consult the information provided by the platform to evaluate the accuracy of the business records they are processing.
Atlan also provides other metadata, or contextual information, about datasets to help users work more efficiently.
“Today, data assets are not just tables, but code, models, BI dashboards, and pipelines,” said Atlan co-founder Prukalpa Sankar. “Metadata is the glue that can bind the modern data stack together, the layer that will allow increasingly diverse, siloed tools and people to collaborate effectively.”
To help analytics teams coordinate their work, Atlan provides a set of built-in collaboration features. Users can add explanatory comments to a dataset and share technical feedback with colleagues. It’s also possible to add integrations with external tools: Workers can, for example, sync dataset modification requests from Atlan to Atlassian Corp. Plc’s popular Jira project management application.
Atlan detailed today that both its installed base and annual recurring revenue grew by a factor of 10 last year. The startup counts $ 13.4 billion financial technology startup Plaid Inc., developing tooling unicorn Postman Inc. and other prominent tech companies among its customers.
Atlan currently has more than 100 employees. The company plans to grow its headcount using the new funding with a focus on accelerating product development and go-to-market initiatives.
“Data and analytics are mission-critical to navigating rapidly-changing circumstances – informing decisions, seeing opportunities and navigating change,” said Salesforce Ventures managing partner Alex Kayyal. “As businesses embrace a digital first environment, their need for informed, data-driven collaboration will only intensify.”