25 October, 2022
Berlin, October 25th, 2021
It’s been seven months since we announced our seed funding round and, during that time, our team has been working day and night to develop our platform further and provide our customers with a product that adds continuous value and never ceases to outdo itself. We have been able to add new features to our visualization layer, expand our integrations array, allow for data flow automation and advanced data pipelining with a new orchestration layer, and — our proudest achievement yet — move away from solely being a no-code tool and become a full-stack platform that also offers SQL. Now users can choose to either work with the drag & drop interface or implement their own SQL queries.
However, advancing our product hasn’t been the only thing on our agenda. Our team has more than doubled in size, our customer base keeps expanding, marketing and sales initiatives have been rolled out successfully, and a general steady growth at Y42 has been achieved — a success that hasn’t gone unnoticed.
That’s why, today, I’m immensely proud to finally announce that we have closed a $31m Series A funding round, bringing our total funding to $34m. This round was co-led by Atomico and Insight Partners, with participation from La Famiglia and Data Community Fund. Atomico Partner Irina Haivas will be joining our board as part of the investment.
At Y42, our aim is to tackle the issues that arise from a siloed and expensive modern data stack, where many companies find themselves running huge data teams stitching together disparate services that do not communicate with each other. This is where a company may have separate tools for data orchestration, ingestion, modeling and visualization, often maintained by a number of outside consultants because they are too complex and resource-heavy to be handled in-house. Many large firms end up stitching together five or more tools, while for start-ups, this means resorting to an ever-expanding collection of spreadsheets.
I don’t consider data to be a tech problem, but rather a business problem. Our tool can turn any company into a data business, and any person into a data analyst. We are building the first scalable data platform that anyone can run. While the core data flow challenges of the modern data stack — moving, manipulating and visualizing data — are being solved, we can already see that the next wave of innovation will happen around metadata, with things like cataloging, lineage, orchestration, QA, observability, and access control. As an end-to-end solution, we have a clear advantage for this next generation of products. Where the market is fighting complexity with complexity, we’re solving problems at their root.
This Series A funding round will help us to continue accelerating the development of our platform, building out our customer base, and scaling our team even further.
On behalf of the whole Y42 team, I would like to extend my deepest gratitude to our customers and investors for believing in our vision and trusting our growth and ambitions. Big thanks to Atomico, Insight Partners, La Famiglia and Data Community Fund.
None of this would have been possible without the continued efforts of our ambitious team. It is a great pleasure to be surrounded by so much diligence and commitment. We are constantly striving for excellence and, without the right people, we wouldn’t be able to meet our far-reaching goals with such high quality. Thanks to every single one of you. I’m truly grateful for what we have built together and I’m thrilled to continue this journey with you. Let’s redefine the modern data stack. We’re just getting started.