Data platform Y42 raises $31M – TechCrunch

Based in Berlin Low Code Data Platform Y42 Today, we announced that we have raised $ 31 million in a Series A round jointly led by Atomico and Insight Partners.La Familia who led the company Seed round, And the Data Community Fund also participated in this round. This brings the company’s total funding to date to just under $ 34 million.

Y42 wants to provide users with an end-to-end data platform that can replace the various tools they currently use for data integration, transformation, orchestration, and visualization. Yes, that means that in most cases you want to be able to provide your users with a single tool that can replace existing services such as Fivetran, Airbyte, dbt, and Tableau.

Image credit: Y42

“It’s a very crowded market,” said CEO Hung Dang under Y42. “But the reason we’re trying to approach this is to make a very different hypothesis than most point-to-point tools out there. […] I participate in this game with the idea that I don’t care how long it takes to make this product, but how do I make this product if I’m in good condition? We have adopted all the best practices of the latest data stacks for these point-to-point tools, but we are applying them to one consistent platform. “

In short, Y42 helps business intelligence teams and data analysts bridge the gap between doing basic data analysis and hiring multiple full-time data engineers to maintain an up-to-date data stack. We want to provide a single tool. This is an area where the company is gaining a lot of new customers, but it also means that Y42 needs to be extensible to those users as it builds its data practices. Features on next year’s roadmap).

Image credit: Y42

“All business leaders today know that they need to derive more value from their data, but they lack the talent for data to adopt and maintain the latest stacks. Demand is increasing by 50% each year. Y42 eliminates this bottleneck and democratizes access to data tools beyond the number selected, in which they are creating new categories. ” Atomico partner Irina Hivas said.

Dan also said that many larger players in the industry, including things like snowflake, are very interested in partnering with Y42. This is because the service acts like a gatekeeper for new customers who may not yet be using the data warehouse. BigQuery has always been a natural recommendation for these customers, as Y42 itself is on top of Google Cloud, but it’s clearly not the only one.

The company’s workforce has now increased from 25 in March to about 70. To that customer LifeMD, Petlab When Everdrop.. Not surprisingly, Y42 plans to use the new funding to accelerate platform development, expand its team, and expand its time-to-market efforts. Y42 has already begun building a team based in the United States.

Data platform Y42 raises $31M – TechCrunch Source link Data platform Y42 raises $31M – TechCrunch

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