AI governance startup Atlan raised $105 M Series C funding from GIC, others
The Singaporean sovereign wealth fund GIC and Meritech Capital led the $105 million Series C funding round for the data and AI governance startup Atlan. Peak XV Partners and Salesforce Ventures, two current investors, took part in the round as well.
In March, the company had already raised a $27.5 million tranche. Before, Insight Partners led a $16 million Series A round for Atlan in May 2021, and a $50 million Series B round in March 2023.
The company is estimated to be worth $750 million, according to sources. From $450 million in the Series B round, its valuation has significantly increased.
“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’s deep integrations with tools like Slack and data warehouses like Snowflake, Redshift, and others enable large enterprise teams to work together seamlessly on data projects and create a single source for all of their data assets.
Among the companies that the company serves are Ralph Lauren, FOX, News Corp, Nasdaq, NextGen, Plaid, HubSpot, Ingersoll Rand, Cisco, Autodesk, and Unilever.
With an 80% win rate in competitive trials and a 400% growth in enterprise sales in the first quarter of 2024, Atlan claims that its revenues have increased by more than seven times in the last two years.
Despite not providing revenue information, Atlan’s Indian division reported a 3X increase in operating scale to Rs 94 crore and a profit of Rs 7.7 crore in FY23.
Sankar and Varun Banka, the company’s co-founders, each held a 23.63% stake as of the Series B funding round. The biggest external stakeholder in the business was Insight Partners.
