Cloud data integration technology developer Matillion has raised $150 million in Series E funding, the company said Wednesday, boosting the company’s valuation to $1.5 billion.
The new funding is Matillion’s second triple-digit funding round this year: The company raised $100 million in Series D funding in February. Altogether Matillion has raised $310 million since its 2011 founding.
The latest funding round was led by growth equity firm General Atlantic with participation from Battery Ventures, Sapphire Ventures, Scale Venture Partners and Lightspeed Venture Partners.
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Matillion’s flagship ETL (extract, transform and load) platform collects data from a wide range of sources, including cloud and on-premises databases and Software-as-a-Service applications, and moves it to cloud data warehouse and data lake systems including Snowflake, Amazon Redshift, Google Big Query, Microsoft Azure Synapse and Databricks Delta Lake.
Businesses today are wrestling with exploding volumes of data, leveraging “big data” for business analytics, AI and machine learning projects that can provide a competitive advantage – but require lots of data preparation work. Such projects, often part of larger cloud migration or digital transformation initiatives, are major demand drivers for data management and data integration tools like Matillion.
“This is a once-in-a-generation tectonic shift as companies digitize and put data to work to serve their customers better, build new products and improve their products [and] streamline their business processes,” said Matillion CEO and co-founder Matthew Scullion in an interview with CRN.
“Matillion is solving a big problem in a huge, multi-billion-dollar addressable market,” Scullion said.
“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, in a statement.
“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,” Caulkin said.
Matillion, with headquarters in Manchester, U.K. and Denver, Colo., competes in the data integration/ETL space with Informatica, Talend and Fivetran, as well as major software companies like Oracle, IBM, SAP and Microsoft that field data integration products.
While Matillion is a late-stage startup, a big chunk of the new funding will go toward continued development of the company’s technology and products, Scullion said.
“Matilion has always made an outsized investment in R&D, in products and engineering,” the CEO said, noting that the engineering team remains the biggest operation within the company, which now has nearly 400 employees in total.
But Scullion said Matillion is also making “significant investments” in sales, marketing and customer support, and that includes the company’s channel operations.
Matillion launched the Matillion Partner Network, its first channel program, in September 2019 and the company works with systems integrators, data consulting firms and strategic service providers, including Sirius and Slalom, as well as the major cloud platform companies and technology partners such as Tableau and ThoughtSpot whose products integrate with Matillion.
The company will apply some of the new funding to expand partner resources in technical enablement, training and accreditation, co-marketing, and support systems and processes, as well as helping partners build services packages around the Matillion platform, Scullion said.