Atlan Raises $105 Mn To Strengthen Data and AI Governance Products

Data collaboration software provider Atlan has raised $105 Mn in its Series C funding round, co-led by Singapore’s sovereign wealth fund GIC and Meritech Capital. The round also saw participation from the startup’s existing investors Salesforce Ventures and Peak XV Partners.

Atlan said that its post-money valuation has increased to $750 Mn post this fundraise. 

Founded in 2018 by Prukalpa Sankar and Varun Banka, the Singapore-headquartered startup allows enterprise teams to collaborate on projects and help create a single source for all data assets on its platform. Today, in an AI-forward and data-driven business landscape, Atlan claims to have become a next-generation platform for data and AI governance.

Sankar, cofounder of Atlan, said that CIOs and CDOs across enterprises are being asked about their AI roadmaps, and they are all looking to bring in AI-ready data or data enriched with business context, trust, and security for AI adoption. 

Data sets and sources are exploding within disconnected systems and silos, said the startup, adding that cataloguing data for discovery and then utilisation across the enterprise becomes a highly manual, cumbersome process. 

Atlan claims to be addressing this issue by building the control plane for the data and AI stack, while also integrating trust and context into the digital fabric. The startup said that it centralises data management, uniting data producers and consumers throughout an organisation.

Cofounder Banka added that every organisation handles data differently across roles, structures, and platforms. The startup’s solution unifies data across warehouses, lakehouses, vector DBs, BI tools, and AI agents, he claimed.  

“In doing so, Atlan empowers data teams to leverage the entirety of their data at high velocity and scale by ensuring its quality, accuracy, and governance. This means data teams can efficiently and effectively collaborate on data that would be otherwise siloed for various use cases, including populating AI models with trustworthy data,” Banka added.

Atlan has a customer base comprising enterprises such as Cisco, Unilever, Autodesk, Ralph Lauren, Nasdaq, FOX, and HubSpot.  The startup claims to have witnessed over 7X growth in its revenue in the last two years, with a 75% win rate in competitive trials and a 400% enterprise sales growth in Q1 2024. 

The company’s operating revenue jumped 189.8% year-on-year (YoY) to INR 93.83 Cr in FY23. However, its PAT saw a decline that year partially hurt by high tax expenses. 

Earlier, Atlan raised $50 Mn in its Series B funding round in 2022. Overall, Atlan has raised $206 Mn so far across rounds. Its other major investors include Insight Partners and Waterbridge Ventures.

Rob Ward, cofounder of Meritech Capital, believes that the startup is setting a new standard for modern data governance, especially for enterprises with a cloud-first data strategy. “It’s increasingly viewed as the essential data control plane for major business initiatives like AI readiness and data democratisation. The enthusiasm within the data community for Atlan is extraordinary, reminiscent of the most transformative companies,” Ward said.