Sep
15
2021
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Matillion raises $150M at a $1.5B valuation for its low-code approach to integrating disparate data sources

Businesses and the tech companies that serve them are run on data. At best, it can be used to help with decision-making, to understand how well or badly an organization is doing and to build new systems to run the next generation of services. At its most challenging, though, data can represent a real headache: there is too much of it, in too many places, and too much of a task to bring it into any kind of order.

Enter a startup called Matillion, which has built a platform to help companies harness their data so that it can be used, and what’s more, the platform is not just for data scientists, but it’s written with a “low-code” approach that can be used by a wider group of users.

Today, it is announcing a big round of investment — $150 million at a $1.5 billion valuation — a sign not just of Matillion’s traction in this space, but of the market demand for the tech that it has built.

The company currently has “hundreds” of large enterprise customers, including Western Union, FOX, Sony, Slack, National Grid, Peet’s Coffee and Cisco for projects ranging from business intelligence and visualization through to artificial intelligence and machine learning applications.

General Atlantic is leading the funding, with Battery Ventures, Sapphire Ventures, Scale Venture Partners and Lightspeed Venture Partners — some of the biggest enterprise startup investors in the world — also participating. Matillion last raised money — a Series D of around $100 million — as recently as February this year, at what was an undisclosed valuation at the time.

Announcing this latest round at a $1.5 billion valuation is significant not just for Matillion. The startup was founded in Manchester (it now also has a base in Denver), and this makes it one of a handful of tech startups out of the city — others we’ve recently covered include The Hut Group, Peak AI and Fractory — now hitting the big leagues and helping to put it on the innovation map as an urban center to watch.

Matthew Scullion, the startup’s CEO and founder, explained that the crux of the issue Matillion is addressing is the diamond-in-the-rough promise of big data. Typically, large organizations are producing giant amounts of data every day, hugely valuable information as long as it can be tapped efficiently. The problem is that this data is often sitting across a lot of different places — typically large organizations might have over 1,000 data sources, apps sitting across multiple clouds and servers and storage across Snowflake, Amazon Redshift and Databricks. On top of this, while a lot of that data is very structured, those sources are not necessarily aligned with each other.

“Data has become the new currency, and the world is pivoting to that,” he said. “It’s changing all aspects of how we work, and it is happening very fast. But the problem is that the world’s ability to innovate with data is constrained. It’s not the shortage of data or demand to put it to work, but the point is the world’s ability to make that data useful.”

Matillion has answered that with a framework and system that can both identify data sources and basically bring order to them, without needing to move the data from one place to another in order to be used. It’s an ETL (extract, transform and load) provider, and it is far from being the only one in the market, with others like Dataiku, Talent, SnapLogic, as well as cloud providers like AWS and Microsoft, among the many trying to address this area.

The difference with Matillion, Scullion said, is that it has a democratized platform, so that organizations don’t have to rely on data scientists to get involved in order to use it, by building a low-code interface around it.

“We have made it accessible, intuitive and easy to use by bringing in a low-code approach,” he said. “We’ve developed a platform and data operating system that has all the things in the kit bag that an organization needs to make it useful.”

This is important because, as big data analytics and the tools to build these processes become more mainstream and themselves take on low-code interfaces, Matillion is providing a way for those less technical users to source and use their data, too. This means more efficiency, less cost, and more time for data scientists to work on more difficult problems and do less busy work.

“As organizations look for ways to harness data to make better business decisions, the market for cloud data integration and transformation is expanding,” said Chris Caulkin, managing director and head of Technology for EMEA at General Atlantic. “We believe that Matillion’s low-code ETL platform simplifies the process of constructing data pipelines and preparing data for analysis, enabling citizen data scientists and data engineers alike to play a valuable role in extracting data-based insights. We look forward to supporting the team through its next phase of growth and expansion.”

Jul
01
2021
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After bootstrapping since 2002, Articulate raises $1.5B on $3.75B valuation

Most companies don’t announce their first venture investment after almost 20 years in the business, nor do they announce that round is the equivalent of a good startup’s entire private fundraising history. But Articulate, a SaaS training and development platform, is not your typical company and today it announced a whopping $1.5 billion investment on a $3.75 billion valuation.

You can call it Series A if you must label it, but whatever it is, it’s a hefty investment by any measure. General Atlantic led the round with participation from Blackstone Growth and Iconiq Growth. GA claims it’s one of the largest A rounds ever, and I’m willing to bet it’s right.

CEO Adam Schwartz founded the company with his life savings in 2002 and hasn’t taken a dime of outside investment since. “Our software enables organizations to develop, deliver, and analyze online training that is engaging and effective for enterprises and SMBs,” Schwartz explained.

He says that the company started back in 2002 as a plug-in for PowerPoint. Today it is a software service with the goal of helping enable everyone to deliver training, even if they aren’t a training professional. Articulate actually has two main products, one is a set of tools for companies building training that connects to an enterprise learning management system or LMS. The other is aimed at SMBs or departments in an enterprise.

Its approach seems to be working with the company reporting it has 106,000 customers across 161 countries including every single one of the Fortune 100. Schwartz was loath to share any additional metrics, but did say they hope to use this money to grow 10x over the next several years.

Company president Lucy Suros, who has been with the organization for a decade, says even with this success, they see plenty of opportunity for growth and they felt taking this capital now would really enable them to accelerate.

“We are the most dominant player by far in course authoring apps, but when you look at that whole ecosystem and you think about where companies are in transforming from instructor-led training to online training, they’re still really in the early innings so there’s a lot of opportunity,” she said.

Anton Levy, co-president and managing director at General Atlantic, who is leading the investment for the firm, says that this is a “big, bold, incredible business” and that’s why they’re making an investment of this size and scope. “The reason we’re stepping up in such a large way, and what’s such a large check for us, is because of the business they’ve built, the team they’ve built, and frankly the market opportunity that they’re playing in and their ambition,” he said.

Today the company has 300 employees and they have been working as a remote company long before COVID. With the new capital, that number could triple over the next several years. Suros says that when she started at the company, there were 50 employees, mostly male engineers and she went to work to make it a more diverse work environment.

“We’ve put emphasis and a lot of just structural things in place to ensure that we are bringing more [diverse] people to the table, and then supporting folks once they’re here,” she said. With the new capital, the company announced a lot of new benefits and she said those were developed with the idea of helping break down barriers for under-represented groups in their ranks including covering gender transition-related costs.

She says that one of the benefits of becoming more visible as a company is being able to talk about and their human-centered organization framework, the set of principles the company put in place to define its values. “[We think about] how that can impact the employees and drive human flourishing for its own sake, and that also happens to lead to better business outcomes. But we’re really also interested in it from [the standpoint that] we want to be good and do good in the world and promote human flourishing at work,” she said.

The company seems to have been doing just fine up until now, but with this kind of capital, it aims to take the business to another level, while trying to be good corporate citizens as they do that.

Feb
04
2019
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Workplace messaging platform Slack has confidentially filed to go public

Slack, the provider of workplace communication and collaboration tools, has submitted paperwork with the Securities and Exchange Commission to go public later this year, the company announced on Monday.

This is its first concrete step toward becoming a publicly listed company, five years after it launched.

Headquartered in San Francisco, Slack has raised more than $1 billion in venture capital investment, including a $427 million funding round in August. The round valued the business at $7.1 billion, cementing its position as one of the most valuable privately held businesses in the U.S.

The company counted 10 million daily active users around the world and 85,000 paying users as of January 2019. According to data provided (via email) by SensorTower, Slack’s new users on mobile increased roughly 21 percent last quarter compared to Q4 2017, while total installs on mobile grew 24 million. The company recorded 8 million installs in 2018, up 21 percent year-over-year.

Slack’s investors include SoftBank’s Vision Fund, Dragoneer Investment Group, General Atlantic, T. Rowe Price Associates, Wellington Management, Baillie Gifford, Social Capital and IVP, as well as early investors Accel and Andreessen Horowitz.

Slack is one of several tech unicorns on deck to go public this year. Uber and Lyft have both similarly filed confidentially to go public in what are expected to be traditional initial public offerings. Slack, however, is expected to pursue a direct listing, following in Spotify’s footsteps. Instead of issuing new shares, Slack will sell directly to the market existing shares held by insiders, employees and investors, a move that will allow it to bypass a roadshow and some of Wall Street’s exorbitant IPO fees.

Sep
11
2017
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Typeform, a platform for ‘conversational’ data collection, raises $35M

 Filling out forms online and on mobile can be a tedious and bug-ridden — yet annoyingly necessary — experience. Today, a startup called Typeform has raised a significant round of capital to help fund its mission to change all that, with a platform that the startup claims gets its customers much better results because the interactive experiences created on it are more intuitive and… Read More

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