Exclusive: Atlan raises $6.5 million from WaterBridge Ventures

Data collaboration software provider Atlan has raised $6.5 million from WaterBridge Ventures. The fundraise is part of the extended Series B round, during which it raised $50 million, led by Salesforce Ventures in March 2022.

The board at Atlan has passed a special resolution to issue 24,092 Series B preference shares to raise $6.5 million, its regulatory filing filed with the group company in Singapore shows.

As per TheKredible estimates, the latest capital injection has been done at a flat valuation, which is $450 million.

Atlan allows large enterprise teams 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 recently launched tag management to solve the challenges faced by the data teams. With this, Atlan becomes one of the first Snowflake data governance partners to enable bi-directional tag movement.

Atlan has a team of over 300 employees spread across 12 countries, including the United States, India, UK, Canada, Nigeria, Singapore, and the Philippines. 

Atlan was part of the third cohort of Sequoia Capital India’s accelerator program Surge. It raised around $50 million Series B round in March 2023 and $16 million worth Series A round led by Insight Partners in May 2021.

After its Series B round, Prukalpa Sankar and Varun Banka retained 23.63% stake each in the company. Insight Partners, which had led the Series A round, was the largest holding in the company among investors with a 15.4% stake.

Head to TheKredible for Atlan’s complete captable.

The Series B round helped Atlan to grow at a rapid clip in the fiscal year ending March 2023. Its Indian entity reported a 3X jump in operating scale which stood at Rs 94 crore in FY23. The company also showed Rs 7.7 crore profit during the last fiscal year.