As enterprises build their modern data stack, preparing the data to be used has become an increasingly resource-intensive problem. To move faster, these companies are searching for solutions that help them integrate data into their workflows more quickly. Riding that wave, Matillion today announced that it has raised $100 million as it races to keep up with the demand for better cloud integration options.
Lightspeed Venture Partners led the latest round, which included investment from Battery Ventures, Sapphire Ventures, Scale Venture Partners, and Silicon Valley Bank Capital.
While the market for cloud data integration has become competitive, Matillion believes it has an advantage because its solution was built for the cloud-native era from the ground up. That could be critical as overall cloud adoption continues to accelerate.
“In the post-COVID world, any remaining reticence that companies have to move to the cloud has now been removed,” Matillion CEO Matthew Scullion told VentureBeat. “And companies of any scale and across all industries are now accelerating their migrations to the cloud, and that’s driving new innovations in the cloud.”
The Matillion ETL platform (extract, transform, load) helps dramatically reduce the time it takes to sort and organize information so it can move more quickly from data lake services such as Snowflake into the applications where it can be used to support business intelligence, create visualizations, or power artificial intelligence and machine learning.
In addition to Snowflake, Matillion has become a key solution for customers using Delta Lake on Databricks, Amazon Redshift, Google BigQuery, and Microsoft Azure Synapse. As such, Matillion has attracted more than 500 major clients, including Cisco, Slack, DocuSign, Siemens, and Accenture.
Though the company is based in Manchester in the U.K. and has customers in 40 countries, its biggest market has so far been the U.S. Matillion has about 260 employees and expects to grow to around 400 by the end of the year.
The latest round comes less than two years after the company raised a $35 million round. Scullion believes Matillion has tapped into a massive market. He said studies suggest that for every $5 enterprises spend on data warehousing, they are spending $1 on ETL, which would imply a $10 billion market.
“One of the reasons that we’re really excited about this round is that we are building a consequential company,” Scullion said. “This is a large market. Matillion has been doing this for a while, serving some of the premier enterprises in the world and working with the next-generation cloud data stack. This round of funding allows us to continue and accelerate this journey.”
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