Data collaboration software provider Atlan raises $6.5M in an extended Series B round

Atlan, a data collaboration software provider, has reportedly raised $6.5 million in funding from WaterBridge Ventures. The funding is a continuation of its Series B round, which previously amassed $50 million, led by Salesforce Ventures in March 2022. 

The startup has issued 24,092 Series B preference shares to secure this latest investment, maintaining its valuation at a steady $450 million, Entrackr reported. 

What is the purpose of fundraising?

The startup plans to use the raised capital to enhance collaboration among large enterprise teams working on data projects.

Atlan's platform, which is known for its seamless integration with tools like Slack and data warehouses such as Snowflake and Redshift, aims to become a centralized repository for all data assets.

It has also introduced tag management features to address common challenges faced by data teams, marking its position as a pioneering Snowflake data governance partner with bi-directional tag movement capabilities.

The journey with Surge

Atlan's journey began as part of the third cohort of Sequoia Capital India’s accelerator program, Surge. Since then, it has raised a $50 million Series B round in March 2023 and a $16 million Series A round in May 2021, led by Insight Partners.

Post-Series B, co-founders Prrukalpa Sankar and Varun Banka each retained a 23.63% stake in the company, with Insight Partners holding the largest stake among investors at 15.4%.

With over 300 employees spread across 12 countries, including the United States, India, the UK, Canada, Nigeria, Singapore, and the Philippines, Atlan's global presence is undeniable. .