Atlan raises $105 Mn in Series C round

Data and AI governance company Atlan has raised $105 million in its Series C funding round led by GIC, Singapore’s sovereign wealth fund and Meritech Capital. Existing investors Salesforce Ventures and Peak XV Partners also participated in the round.

The firm had already raised $27.5 million tranche in March. Previously, Atlan raised around $50 million Series B round in March 2023 and $16 million worth Series A round led by Insight Partners in May 2021.

As per sources, the company has been valued at around $750 million. This is a significant surge in its valuation from $450 million in Series B round.

“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—data enriched with business context, trust, and security,” said Prukalpa Sankar, co-founder of Atlan.

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’s customer base includes Ingersoll Rand, Cisco, Autodesk, Unilever, Ralph Lauren, FOX, News Corp, Nasdaq, NextGen, Plaid, and HubSpot.

Atlan claims that its revenues ballooned more than 7x in the last 2 years, with an 80% win rate in competitive trials and a 400% enterprise sales growth in Q1 2024.

While Atlan did not disclose revenue numbers, the firm’s Indian entity reported a 3X jump in operating scale to Rs 94 crore in FY23 with a profit of Rs 7.7 crore.

As of Series B round, c0-founders Sankar and Varun Banka had 23.63% stake each in the company. Insight Partners was the largest external stakeholder in the company. Head to TheKredible for Atlan’s complete captable.