AI based data Driven Startup Atlan grabs $105 million in Series C Funding round

A data democratization company Atlan has witnessed an influx of $105 million in its Series C funding round led by GIC, Singapore’s sovereign wealth fund and Meritech Capital. The other investors who participated in the funding round were Salesforce Ventures and Peak XV Partners.

Previously, in another fundraising session, the company has raised $27.5 million tranche in March. In March 2023, it also bagged $50 million Series B round. During May 2021, it raised $16 million in series round led by Insight Partners. Taking account of Atlan’s total raised fund, they have secured more than $206 million.

Prukalpa Sankar, co-founder of Atlan, expressed his gratitude towards the investors and said, “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 enriched with business context, trust, and security. Atlan is addressing this by building the control plane for the data and AI stack, integrating trust and context into the digital fabric.”

The company helps large teams large to collaborate smoothly on data projects, and create a single source for all their data assets with deep integrations with tools like Slack, and data warehouses like Snowflake, Redshift, and others. The company’s customer base today includes industry giants like Cisco, Autodesk, Unilever, Ralph Lauren, FOX, News Corp, Nasdaq, NextGen, Plaid, and HubSpot. Atlan controls the data management, uniting data producers and consumers throughout the organization.

The company declared that, their revenue has propelled by more than 7x in last two years with an 80% win rate in competitive trials & a 400% enterprise sales growth in Q1 2024, though the company did not completely disclose the exact amount of their revenue. The firm’s Indian counterpart reported a 3X jump in operating scale to Rs. 94 crore in FY23 with a profit of Rs. 7.7 crore.

During the series B funding co-founders Sankar and Varun Banka had 23.63% stake each in the company. Additionally the Insight Partners was the largest external stakeholder in the company.