Atlan secures $6.5 m funding from WaterBridge 

Atlan, a data collaboration software provider, has recently secured $6.5 million in funding from WaterBridge Ventures. This investment is part of an extended Series B funding round totalling $50 million, which Salesforce Ventures initially led in March 2022.

The decision to raise $6.5 million was formalized through a special resolution by Atlan’s board, as revealed in a regulatory filing submitted to its group company in Singapore. The issuance of 24,092 Series B preference shares facilitated this capital raise.

According to estimates by TheKredible, this latest funding round has been executed at a consistent valuation of $450 million. Atlan’s valuation reflects its position as a leading provider of solutions for enabling seamless collaboration among large enterprise teams on data projects. The platform also serves as a centralized repository for all data assets, boasting deep integrations with popular tools such as Slack and prominent data warehouses like Snowflake and Redshift.

 

Recently, Atlan introduced tag management functionality to address challenges encountered by data teams. This development positions Atlan as one of the pioneering partners in Snowflake’s data governance ecosystem, facilitating bi-directional tag movement.

Atlan has established a significant presence in key markets worldwide, with a global workforce exceeding 300 employees across 12 countries, including the United States, India, the UK, Canada, Nigeria, Singapore, and the Philippines.

Atlan’s journey includes participation in Sequoia Capital India’s accelerator program Surge as part of its third cohort. In addition to the recent Series B funding, Atlan raised approximately $50 million in March 2023 as part of its Series B round and secured a $16 million Series A round led by Insight Partners in May 2021.

Following the Series B funding, co-founders Prrukalpa Sankar and Varun Banka each retained a 23.63% stake in the company. Insight Partners, the lead investor in the Series A round, holds the most significant stake among investors, accounting for 15.4% of ownership.

For comprehensive details on Atlan’s ownership structure, interested parties can refer to TheKredible’s cap table.

The infusion of capital from the Series B round has fueled Atlan’s rapid growth, particularly in the fiscal year ending March 2023. The Indian arm of the company reported a remarkable threefold increase in operating scale, reaching Rs 94 crore in FY23. Atlan also achieved a profit of Rs 7.7 crore during the same fiscal year, signalling strong financial performance amidst expansion efforts.

Atlan’s recent funding milestone underscores investor confidence in its innovative data collaboration solutions. The company’s strategic partnerships, global footprint, and robust financial performance position it as a significant player in the evolving landscape of enterprise data management.