Salesforce Ventures, the corporate venturing unit of enterprise software provider Salesforce, led a $50 series B round for Singapore-headquartered data collaboration software provider Atlan on Wednesday.
Insight Partners, Sequoia Capital India and Waterbridge Ventures filled out the participants in the round alongside private investors Taylor Brown and Ajeet Singh. It valued the company at $450m.
Atlan operates a virtual hub for data assets, allowing workplaces to consolidate all their data into a single source to streamline collaboration.
The company’s customers include consumer goods producer Unilever, workspace provider WeWork, e-commerce logistics service Delhivery and financial data software provider Plaid. It claims both its annual recurring revenue and customer base grew tenfold over 2021.
Atlan co-founder Varun Banka said: “Traditionally, tooling in the space has focused on collecting metadata but has failed in helping customers actually drive value from metadata.
“We are pioneering a new generation of metadata: going from passive, siloed data catalogues to active metadata platforms that can improve every tool in the data stack.”
The funding will be used to hire more staff and boost Atlan’s go-to-market strategy as it prepares to launch an employee stock ownership plan buyback sized at up to $1.5m.
Insight Partners led the company’s $16m series A round in May 2021, with backing from Sequioia India’s Surge fund, Waterbridge Ventures and angel investors Bob Muglia, Bob Moore, Jake Stein and Auren Hoffman. It followed a $2.5m Waterbridge-led seed round in 2019.
