Data collaboration software provider Atlan raised $6.5 M from WaterBridge Ventures

WaterBridge Ventures has contributed $6.5 million to Atlan, a provider of data collaboration software. Included in the fundraising effort is an extended Series B round led by Salesforce Ventures that raised $50 million in March 2022.

Based on its regulatory filing with the group company in Singapore, Atlan’s board has approved a special resolution to issue 24,092 Series B preference shares in order to raise $6.5 million.

According to media estimates, the most recent capital infusion was completed at a $450 million flat valuation.

Deep integrations with tools like Slack and data warehouses like Snowflake, Redshift, and others enable Atlan to facilitate seamless collaboration for large enterprise teams working on data projects and to provide a single source for all of their data assets.

Tag management was recently introduced by the company to address the issues that the data teams were facing. By doing this, Atlan joins the elite group of Snowflake data governance partners who have successfully enabled bi-directional tag movement.

Atlan employs more than 300 people in 12 countries, including the Philippines, Singapore, India, the United States, the United Kingdom, and Canada.

Atlan participated in the third Surge accelerator program cohort run by Sequoia Capital India. In March 2023, it completed a $50 million Series B round, and in May 2021, it completed a $16 million Series A round led by Insight Partners.

Following the Series B funding round, Prrukalpa Sankar and Varun Banka each held a 23.63% ownership stake in the business. With a 15.4% stake, Insight Partners—which had spearheaded the Series A round—was the largest investor in the business.

In the fiscal year that ended in March 2023, the Series B round enabled Atlan to grow quickly. With an operating scale of Rs 94 crore in FY23, its Indian entity reported a 3X increase. During the previous fiscal year, the company also reported a profit of Rs 7.7 crore.