Data and AI governance startup Atlan on Wednesday announced its Series C round of $105 million led by GIC, Singapore’s sovereign wealth fund, along with co-investor Meritech Capital, the company announced in a statement. Its existing investors Salesforce Ventures and PeakXV Partners also participated in the round.
The latest round brings Atlan’s total fundraising to over $206 million including contributions from top institutional investors such as Insight Partners and Waterbridge Ventures.
Speaking on the new round, Prukalpa Sankar, Co-founder, Atlan, said, “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. Atlan is addressing this by building the control plane for the data and AI stack, integrating trust and context into the digital fabric.”
The company said its revenues has grown to over 7x in the last 2 years, with a 75 per cent win rate in competitive trials and a 400 per cent enterprise sales growth in Q1 2024 with the demand for AI data readiness and governance has scaled up.
Atlan’s customer base includes Cisco, Autodesk, Unilever, Ralph Lauren, FOX, News Corp, Nasdaq, NextGen, and more.
As data practitioners spend 30-50 per cent of their time finding and understanding data, Atlan said that its platform cuts that time by 95 per cent and sets a new standard for modern data governance and AI readiness.
According to Gartner’s 2024 research, more than half of Chief Data Officers and Chief Analytics Officers are boosting AI investments, with an equal amount focused on enhancing data governance. At the same time, data privacy, data lineage, and data quality are key obstacles hindering generative AI implementations, according to studies from IBM and AWS, said Atlan.