Atlan, an artificial intelligence startup focused on data governance, has raised $105 million in a funding round led by Singapore’s sovereign wealth fund GIC and tech investor Meritech Capital. The latest round pushes the company’s valuation to $750 million.
The New York-based Atlan will use the fresh capital injection to bolster product development, scale its operations, and broaden its market outreach. This significant investment underscores investors’ confidence in the company’s capacity to meet the increasing demand in this sector.
In a statement, Atlan Co-founder Prukalpa Sankar said, “The legacy players in our space include Informatica, Collibra, and Alation — and we win three-quarters of the deals when we compete head-to-head with them.”
Commenting on the funding, Meritech Capital Rob Ward co-founder said: “Without the control plane Atlan has built, organizations will continue to struggle with getting major business initiatives like AI readiness and data democratization actually up and running.”
Atlan creates a unified discovery and collaboration experience, bringing context and trust to the entire modern data stack. “Today, data assets are not just tables, but code, models, BI dashboards, and pipelines,” said Prukalpa Sankar, Co-Founder of Atlan. “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.”
Founded in 2018 by Prukalpa Sankar and Varun Banka, Atlan enables teams to create a single source of truth for all their data assets and collaborate across the modern data stack through deep integrations with collaboration tools like Slack, data warehouses like Snowflake and Redshift, BI tools like Looker, Sisense, and Tableau, data science tools, and more. A pioneer in the space, Atlan was recognized by Gartner as a Cool Vendor in DataOps, as one of the top three companies globally.
Why it matters
Top tech companies are in a race to integrate AI into their products and services. Startups catering to the burgeoning demand for AI chips and learning represent a bright spot in the otherwise subdued private funding market.
The data governance sector is rapidly gaining prominence. With companies increasingly leveraging AI, clean and organized data is imperative for effective functioning. Atlan’s solutions aid businesses in managing and controlling their data, ensuring its readiness for AI applications.
Data serves as the foundation of the AI revolution, which has swept through Wall Street. Generative AI endeavors to create human-like outputs through computer code processed from vast data sets.
By acting as a virtual hub for data assets ranging from tables and dashboards to models & code, Atlan enables teams to create a single source of truth for all their data assets and collaborate across the modern data stack through deep integrations with tools like Slack, BI tools, data science tools and more.
Atlan started as an internal project at data for good firm SocialCops and was incubated across over 200 data projects, including India’s National Data Platform used by the Prime Minister. Since emerging from stealth, it has reported impressive growth numbers, with both its customers and ARR growing 10x in 2021.
Alan’s customers include prominent names such as Autodesk, Ralph Lauren, Nasdaq, and News Corp.
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- Source: https://techstartups.com/2024/05/08/ai-ready-data-startup-atlan-soars-to-750-million-valuation-with-105-million-funding-round/
