Sequoia-backed Atlan raises around $50 Mn in Series B at over $450 Mn valuation

Data collaboration software provider Atlan has raised around $50 million in its Series B round from new and existing investors including Salesforce Ventures and Sequoia Capital India. The startup had raised $16 million in its Series A round in May last year.

Salesforce venture has spearheaded the new round with $20 million investment, the company’s regulatory filings in Singapore shows. The investment arm of global customer relationship management giant Salesforce has previously backed homegrown startups like Hashnode and SaaS unicorn Darwinbox.

Sequoia and Insight Partners have invested $13 million each while the remaining amount was pumped in by WaterBridge Venture. The filings further showed that Atlan’s co-founders—Prrukalpa Sankar and Varun Banka—have also offloaded shares worth $2 million each to Grace Software and Sequoia respectively.

The development was first reported by DealStreetAsia on February 9. Overall, the round size has reached $52 million including a secondary transaction worth $4 million. 

According to Fintrackr’s estimates, Atlan has raised the fresh round at a $452 million valuation.

Following this allotment of shares, co-founders Sankar and Banka retain 23.63% stake each in the company. Insight Partners, which had led the Series A round, has the largest holding in the company among investors with a 15.4% stake. Sequoia, IQ EQ, WaterBridge and lead investor of this round Salesforce control 1.9%, 9.1%, 7.7% and 4.46% stake respectively.  The complete shareholding pattern of Atlan can be seen below:

Four-year-old Atlan provides a platform which allows large enterprise teams to collaborate smoothly on data projects, and create a single source for all their data assets. The platform also has deep integrations with tools like Slack, data warehouses like Snowflake, and Redshift and other data science tools for smoother collaboration. The company was incubated across 200 data projects, including India’s National Data Platform, DISHA.

Atlan was a part of the third cohort of Sequoia Capital India’s accelerator program Surge and is currently used by teams at large enterprises like Unilever and growth-stage startups like Postman and Delhivery.