Data intelligence startup Atlan has successfully closed a funding round of $27.5 million, with Salesforce Ventures taking the lead alongside other prominent investors. The round saw participation from WaterBridge Ventures, Grace Software, Peak XV Partners, and AT13 Fund. Notably, Salesforce Ventures spearheaded the investment with a contribution of $15 million, followed by WaterBridge Ventures with $6.5 million, according to regulatory filings from Atlan in Singapore. Grace Software injected $3 million into the startup, while Peak XV Partners and AT13 Fund contributed $1.5 million each.
“Atlan creates a unified discovery and collaboration experience, bringing context and trust to the entire modern data stack,” said a representative from Atlan.
This funding marks another significant milestone for Atlan, following its previous Series B funding round in March 2022, where the New York-based company raised $50 million at a post-money valuation of $450 million. With this recent investment, Atlan’s valuation is estimated to be within the range of $480-500 million.
Over the years, Atlan has solidified its partnership with Salesforce, its technology partner, with Salesforce Ventures steadily increasing its stake in the company. Currently, Salesforce Ventures holds a 7.4% stake in Atlan, as disclosed in Atlan’s Singapore filings. Salesforce Ventures has a track record of investing in leading companies shaping the modern data and analytics platform, including Airbyte, dbt Labs, Monte Carlo, Snowflake, and Starburst Data.
Following the latest funding round, there has been a reduction in the shareholding of Atlan’s co-founders, Prukalpa Sankar and Varun Banka, signaling their participation in secondary stake sales. A secondary stake sale involves the sale of a portion of existing shares by the company’s co-founders to external investors or other stakeholders.
Atlan’s platform provides a comprehensive data discovery, cataloging, lineage, and governance experience by integrating metadata from various sources such as Snowflake, dbt Labs, Databricks, Looker, Tableau, Postgres, among others. The company’s services are currently utilized by data teams in notable organizations including Plaid, WeWork, Postman, Unilever, and Ralph Lauren. According to sources, Atlan’s Annual Recurring Revenue (ARR) falls between $70 million and $80 million.
The journey of Atlan began as an internal project at the data for good firm SocialCops and was incubated across more than 200 data projects, including India’s National Data Platform used by the Prime Minister.
