Democratising Data: Atlan Reaches US$750m Valuation
Data is an instrumental part of the AI race.
This is exactly how AI startup company Atlan runs its operations, with its platform seeking to bring the decision-making process to one place. The startup announced this week (May 2024) that it had raised US$105m in a funding round led by wealth fund GIC and technology investor Meritech Capital.
As a result, Atlan has achieved a US$750m valuation.
Enterprise interest in AI is only continuing to grow, as businesses around the world race to develop and deploy the technology. This has led to a rise in popularity in AI startup companies, as they help support that demand.
Who is Atlan?
Atlan is a data intelligence company that collects primary data and accesses secondary data to merge internal data and visualising data via dashboards. Its data stack brings together a range of diverse data from both internal and external sources to one central interface.
Founded in India, the company already works with more than 150 organisations across seven countries. Some of its customers include software firm Autodesk, luxury retailer Ralph Lauren, the Government of India and Unilever.
- Data practitioners spend 30-50% of their time finding and understanding data: Atlan’s platform cuts that time by 95%
- With Atlan, data and business teams can easily find, trust and govern AI-ready data
As a result of its early successes, Atlan ranked on the 2016 Forbes Asia 30 Under 30 and Fortune India 40 Under 40 lists.
Atlan operates with a ‘data for good’ ethos, utilising data science to tackle issues facing humanity, building tools to help its data team execute large-scale data projects. It was tested across data projects that affected the lives of one billion citizens to improve access to energy, healthcare and education.
“Boards have consistently asked their CIOs and CDOs about their AI roadmaps, who have realised that the main hurdle isn’t AI models but the lack of AI-ready data — data enriched with business context, trust and security,” says co-founder Prukalpa Sankar.
“Atlan is addressing this by building the control plane for the data and AI stack, integrating trust and context into the digital fabric.”
Simplifying data exploration with AI
As organisations struggle to achieve AI readiness and data democratisation across their operations, demand for data readiness has skyrocketed. Atlan states that its revenue only continues to spike - particularly within the last two years.
- 75% win rate in competitive trials
- 400% enterprise sales growth in Q1 2024
Atlan aims to use its newfound funding to expand product developments and operations.
Its AI platform, first launched in May 2023, seeks to simplify data exploration by enabling users to search for data and gain answers to any queries using natural language. With the company stating its AI platform is the first copilot for data teams, Atlan AI enables users to discover the most relevant and reliable data assets.
Users can also save time by asking Atlan AI to simplify SQL queries, thereby making workloads more efficient.
Atlan AI is offered as an extension to Google Chrome. As a result, data analysts can document dashboards and business users are able to better clarify business definitions in one place.
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