Data and AI governance firm Atlan has announced the successful closure of its Series C funding round, raising a substantial $105 million. The investment was led by GIC, Singapore’s sovereign wealth fund, and Meritech Capital, with participation from existing investors Salesforce Ventures and Peak XV Partners.
This latest funding round comes on the heels of a $27.5 million tranche raised in March, further solidifying Atlan’s position in the market. The company had previously secured around $50 million in a Series B round in March 2023 and $16 million in a Series A round led by Insight Partners in May 2021.
Sources familiar with the matter reveal that Atlan’s valuation now stands at approximately $750 million, marking a significant increase from its valuation of $450 million in the Series B round.
According to Prukalpa Sankar, co-founder of Atlan, the demand for AI-ready data enriched with business context, trust, and security has consistently grown among enterprise boards. Atlan aims to address this need by providing large enterprise teams a platform for smooth collaboration on data projects, offering a single source for all their data assets. The platform integrates deeply with tools like Slack and data warehouses like Snowflake and Redshift.
Among Atlan’s impressive roster of clients are industry giants like Ingersoll Rand, Cisco, Autodesk, Unilever, Ralph Lauren, FOX, News Corp, Nasdaq, NextGen, Plaid, and HubSpot.
The company reports a staggering revenue growth of over 7x in the last two years, with an 80% win rate in competitive trials and a remarkable 400% growth in enterprise sales in Q1 2024.
Although specific revenue numbers were not disclosed, Atlan’s Indian entity reported a threefold increase in operating scale to Rs 94 crore in FY23, with a profit of Rs 7.7 crore.
At the time of the Series B round, co-founders Prukalpa Sankar and Varun Banka each held a 23.63% stake in the company. Insight Partners was noted as the most prominent external stakeholder.
Atlan’s latest funding round underscores investor confidence in its mission to revolutionize data and AI governance, paving the way for further innovation and expansion in the industry.
