Data Governance Leader Atlan Secures $105 Million in Series C Funding

Atlan, a company pioneering data and artificial intelligence (AI) governance solutions, has secured a substantial $105 million in its Series C funding round. This round was led by GIC, Singapore’s sovereign wealth fund, demonstrating strong confidence in Atlan’s future. Meritech Capital, a renowned investor in disruptive technology companies like Snowflake and Datadog, also participated in the funding round.

Building on Previous Success

This Series C funding round adds to Atlan’s impressive fundraising history. The company had previously secured $27.5 million earlier this year, following a successful $50 million Series B round in March 2023. Their initial Series A round, led by Insight Partners in May 2021, brought in $16 million.

Soaring Valuation Reflects Market Demand

According to reliable sources, Atlan’s valuation has skyrocketed to a staggering $750 million. This signifies a significant increase compared to the $450 million valuation achieved during their Series B round. This substantial growth reflects the rising demand for robust data and AI governance solutions within the enterprise landscape.

Addressing the AI Hurdle: Data Readiness

Prukalpa Sankar, co-founder of Atlan, pinpoints a critical challenge faced by organizations on their AI journeys. “Over the past year, executive boards have consistently raised concerns with their Chief Information Officers (CIOs) and Chief Data Officers (CDOs) regarding AI implementation plans. They’ve come to understand that the primary obstacle isn’t the AI models themselves, but the lack of data that’s optimized for AI applications. This data needs enrichment with clear business context, robust trust mechanisms, and ironclad security protocols,” Sankar explains.

Empowering Seamless Collaboration and Centralized Data Management

Atlan’s innovative solutions empower large enterprise teams to collaborate efficiently on data projects. They achieve this by establishing a single, unified source for all data assets. This platform provides seamless integration with popular tools like communication channels (e.g., Slack) and data warehouse solutions (e.g., Snowflake, Redshift).

A Trusted Partner for Leading Organizations

A testament to Atlan’s success is its impressive customer base. The company serves a wide range of industry leaders, including Ingersoll Rand, Cisco, Autodesk, Unilever, Ralph Lauren, FOX, News Corp, Nasdaq, NextGen, Plaid, and HubSpot.

Exponential Growth and Market Dominance

Atlan boasts remarkable growth metrics. They claim a staggering 7x increase in revenue over the past two years. Additionally, they report an impressive 80% win rate in competitive trials and a phenomenal 400% growth in enterprise sales during the first quarter of 2024.

Financial Performance and Transparency

While Atlan refrained from disclosing specific revenue figures, their Indian subsidiary did report a significant increase in operational scale. Their operating scale tripled to Rs 94 crore in FY23, with a healthy profit of Rs 7.7 crore.

Ownership and Investment Landscape

Following the Series B round, co-founders Sankar and Varun Banka each held a 23.63% stake in the company. Insight Partners remained the largest external stakeholder at that time. For a comprehensive view of Atlan’s cap table, you can visit TheKredible.