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Cloud data integration platform Matillion today announced that it closed a $150 million series E round led by General Atlantic, with participation from Battery Ventures, Sapphire Ventures, Scale Venture Partners, and Lightspeed Venture Partners. The funding marks Matillion’s second triple-digit round of 2021 and brings the company’s total raised to $310 million at a valuation of $1.5 billion.
Enterprises often struggle to collect, harmonize, and transform their data into business value. The average enterprise uses more than 1,080 different data sources. Incomplete, inaccurate, and erroneous data can lead to failed analytics projects, creating information gaps within organization and limiting the opportunities for insights.
Manchester-based Matillion, which was founded in 2011 by Ed Thompson and Matthew Scullion, develops a platform focused on the challenge of integrating and managing data at enterprise scale. Its tools let companies source, enrich, and share data, transforming raw data into the analytics-ready data required to support business intelligence, visualization, AI, and machine learning.
“The modern data team is facing an influx of data from across the enterprise, facing immense pressure to quickly deliver actionable insights,” CEO Scullion told VentureBeat via email. “We’ve seen an increase in demand for our product as organizations rise to this challenge, especially as users look for options that allow for more cloud flexibility to drive down costs while still making the best use of their data.”
The enterprise data management market was valued at $72.79 billion in 2020 and is expected to climb at a compound annual growth rate of 13.8% from 2021 to 2028. As Grand View Research wrote in a report, the pandemic will likely have a positive impact on the segment due to increased software demand as work-from-home norms rise to prominence.
Many of Matillion’s customers use the platform to sync back to their software-as-a-service (SaaS) apps or to replicate data from popular source systems into a cloud data warehouse. For example, one enterprise customer in financial services leverages Matillion to pull web traffic data into Amazon Redshift and then prepare that data to be ingested by a machine learning algorithm running on Amazon SageMaker, which produces a lead score. Matillion syncs this into Salesforce so that the sales team can prioritize accounts to focus on.
Matillion recently launched integrations for Databricks and rolled out a “create your own connector” service, in response to feedback from its customers on the problems faced when extracting and loading data from SaaS applications and in-house APIs. The connector creator allows users to connect to API source systems and bring data into a cloud data warehouse or data lake.
“Perfecting and continuing to grow these capabilities will help Matillion meet exploding demand for cloud data integration for global enterprise organizations,” Scullion told VentureBeat via email.
Matillion’s base of over 1,000 customers includes Amazon, Siemens, Subway, Novartis, Slack, and Accenture. By the end of 2021, the company plans to expand its workforce from 340 employees to 400.
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