Sequoia-Backed Atlan’s Valuation Jumps To $450 Mn After Raising $50 Mn Series B Funding
Summary
Sequoia and Insight Partners led the funding round, along with founders in the data space The valuation reached $450 Mn after the funding round Atlan helps teams collaborate smoothly when working on data projects, by bringing all data assets into a single workspaceSingapore-based data collaboration software startup, Atlan has bagged $50 Mn in Series B funding from new and existing investors. Led by Salesforce Ventures, the funding round saw Sequoia and Insight Partners participate as well.Several founders in the data space also participated in the round including Fivetran founder Taylor Brown and ThoughtSpot founder Ajeet Singh.It plans to use this funding to expand its current team across all functions and accelerate its go-to-market strategy. It also plans to facilitate an ESOP buyback of up to $1.5 Mn.The latest round of funding gives Atlan a post-money valuation of $450 Mn, according to the startup. The startup has seen 10x growth in 2021 alone, per a statement.Founded in January 2018 by Prukalpa Sankar and Varun Banka, Atlan allows large enterprise teams to collaborate on projects and help create a single source for all data assets on its platform.Traditionally, tooling in the space has focused on collecting metadata but has failed in helping customers actually drive value from metadata, said Varun Banka, cofounder of Atlan.We are pioneering a new generation of metadata: going from passive, siloed data catalogues to active metadata platforms that can improve every tool in the data stack, he added.Atlans platform provides integrations with Slack, Snowflake, Redshift, and other data tools to allow for better communication and collaboration within teams. Atlan was incubated in Indias National Data Platform, DISHA; it was then stress-tested across 200+ data projects.The company is working with late-stage startups such as Postman and IPO-bound Delhivery, while also working with enterprises such as Juniper Networks and Unilever.Last year, Atlan had raised $16 Mn in Series A funding, led by Insight Ventures, with a total of 8 investors including the likes of former CEO of Snowflake Bob Muglia, Stitchs founder Bob Moore and Jake Stein, Safegraph and Liveramps founder Auren Hoffman as well as Notions COO Akshay Kothari.Indias data analytics market is growing rapidly; according to a report by Analytics India Magazine, Indias data analytics market stands at $45.4 Bn, registering a growth of 26.5% y-o-y.