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Business News/ Companies / Start-ups/  Singapore’s GIC leads $105 million funding round in Atlan
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Singapore’s GIC leads $105 million funding round in Atlan

The round has valued Atlan at $750 million, up from $450 million in July 2022

Atlan had last raised funds in July 2022. (Image: Pixabay)Premium
Atlan had last raised funds in July 2022. (Image: Pixabay)

MUMBAI:Atlan Pvt Ltd, a data and artificial intelligence (AI) governance startup, has raised $105 million in a Series C funding round led by GIC, Singapore’s sovereign wealth fund, along with tech investor Meritech Capital. 

The round valued the company at $750 million.

Existing investors Salesforce Ventures and Peak XV Partners also participated in the fundraise, bringing Atlan’s total capital raised to over $206 million, the company announced on Wednesday.

The Singapore-based subsidiary of US-incorporated Atlan Inc. had last raised capital from Salesforce Ventures in July 2022, when it was valued at $450 million.

Other investors include Insight Partners and Waterbridge Ventures.

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"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," said Prukalpa Sankar, co-founder of Atlan. 

“Atlan is addressing this by building the control plane for the data and AI stack, integrating trust and context into the digital fabric."

Atlan has reported that its revenues have surged by 7x in the past two years, driven by increasing demand for AI data readiness and governance. The company’s clients include Cisco, Autodesk, Unilever, Ralph Lauren, FOX, News Corp, Nasdaq, NextGen, Plaid, and HubSpot.

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"Across roles, structures, and platforms, no two organizations handle data the same way: for data teams, diverse approaches are a feature, not a bug," said Atlan’s co-founder Varun Banka. 

Recognizing this, Banka explained that the company has developed a solution to unify data from multiple sources, including warehouses, lakehouses, vector databases, BI tools, and AI agents.

This unification empowers data teams to leverage their entire data ecosystem efficiently and at scale. By ensuring the quality, accuracy, and governance of data, Atlan’s solution allows data teams to collaborate effectively on data that would otherwise remain siloed. 

This approach facilitates the development of trustworthy AI models, Banka added.

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ABOUT THE AUTHOR
Ranjani Raghavan
Ranjani heads the startup and new economy team at Mint. She covers the investment and the deals ecosystem, which takes her into the secretive world of high finance — mostly private equity and venture capital firms and the people running them. She also writes about the Indian corporate world which includes old fashioned business executives and their emerging challengers from the tech ecosystem.
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Published: 08 May 2024, 05:51 PM IST
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