Atlan, a leader in the data and AI governance space, has announced a successful Series C funding round in which it raised $105 million. The round was spearheaded by Singapore’s sovereign wealth fund, GIC, and tech investor Meritech Capital. Established investors Salesforce Ventures and Peak XV Partners also took part in the funding.
This news follows a previous $27.5 million tranche secured by Atlan in March. The company’s impressive growth trajectory is evident, having also raised $50 million in a Series B round in March 2023 and $16 million in a Series A round in May 2021.
According to sources, Atlan’s valuation has surged to approximately $750 million, demonstrating a significant increase from its $450 million valuation during its Series B round.
The Importance of AI-Ready Data
Prukalpa Sankar, co-founder of Atlan, highlighted the shifting focus within organizations: “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.”
Atlan plays a vital role in addressing this challenge, enabling large enterprise teams to collaborate efficiently on data projects. Its platform provides a centralized repository for all data assets, seamlessly integrating with popular tools such as Slack and data warehouses like Snowflake and Redshift.
Impressive Client Base and Growth
Atlan boasts a distinguished customer base that includes prominent names like Ingersoll Rand, Cisco, Autodesk, Unilever, Ralph Lauren, FOX, News Corp, Nasdaq, NextGen, Plaid, and HubSpot.
The company asserts that its revenues have increased by more than seven times in the past two years. It also reports an 80% win rate in competitive trials and a remarkable 400% growth in enterprise sales in the first quarter of 2024.
Although Atlan has not publicly disclosed its revenue figures, its Indian entity recorded a threefold increase in operating scale to Rs 94 crore in the fiscal year 2023, accompanied by a profit of Rs 7.7 crore.
