The companies and the tech companies that serve them run on data. At best, it can be used to aid in decision making, to understand how well or poor an organization is doing, and to create new systems to run the next generation of services. In its most difficult form, however, the data can be a real headache: there is too much, in too many places, and too much to do to put it in any order.
Enter a startup called Matillion, which has built a platform to help businesses leverage their data so that they can be used, and furthermore the platform is not just for data scientists, but is written with a “low-code” approach that can be used by a larger group of users.
Today he’s announcing a big investment – $ 150 million at a valuation of $ 1.5 billion – a sign not only of Matillion’s traction in this space, but of market demand for the technology that ‘he built.
The company currently has “hundreds” of large corporate clients, including hundreds of large companies including Western Union, FOX, Sony, Slack, National Grid, Peet’s Coffee and Cisco for projects ranging from business intelligence and visualization to business intelligence. 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 world’s largest start-up investors – also participating. Matillion last raised funds – a Series D of around $ 100 million – as recently as February of this year, in an undisclosed valuation at the time.
The announcement of this latest round at a valuation of $ 1.5 billion isn’t just important to Matillion. The startup was founded in Manchester (it now also has a base in Denver), making it one of the few tech startups out of town – others we’ve covered recently include The Hut Group, Peak AI and Fractory – now hitting the big leagues and helping put it on the innovation map as an urban center to watch.
Matthew Scullion, CEO and founder of the startup, explained that the crux of the problem Matillion is tackling is the diamond promise of big data. Typically, large organizations produce huge amounts of data every day, extremely valuable information as long as it can be used effectively. The problem is that this data is often in many different places – typically, large organizations can have over 1,000 data sources, applications on multiple clouds and servers, and storage on Snowflake, Amazon Redshift, and Databricks. . On top of that, while a lot of this data is very structured, these sources aren’t necessarily aligned with each other.
“Data has become the new currency, and the world is pivoting towards it,” he said. “It’s changing every aspect of the way we work, and it’s happening very quickly. But the problem is, the world’s ability to innovate with data is limited. It’s not the scarcity of data or the demand to implement it, but the important thing is the world’s ability to make that data useful.
Matillion responded to this with a framework and system that can both identify and tidy data sources, without needing to move data from one place to another for use. It is an ETL (extract, transform and load) provider, and it is far from the only one on the market, with others like Dataiku, Talent, SnapLogic, as well as cloud providers like AWS and Microsoft, among the many who are trying to tackle this area.
The difference with Matillion, said Scullion, is that it has a democratized platform, so organizations don’t have to rely on data scientists to get involved in order to use it, building an interface. low-code around it.
“We made it accessible, intuitive and easy to use by introducing a low-code approach,” he said. “We have developed a platform and a data operating system that contains everything an organization needs to make it useful. “
This is important because, as big data analytics and the tools to create these processes become more mainstream and themselves adopt low-code interfaces, Matillion also provides a way for less technical users to search and to use their data. This means more efficiency, less cost, and more time for data scientists to work on more difficult problems and do less busy work.
“As companies look for ways to leverage data to make better business decisions, the market for cloud data integration and transformation is growing,” said Chris Caulkin, Managing Director and Head of technology for the EMEA region at General Atlantic. “We believe that Matillion’s low-code ETL platform simplifies the process of building data pipelines and preparing data for analysis, enabling data scientists and data engineers to play a valuable role in the data-driven information extraction. We look forward to supporting the team throughout its next phase of growth and expansion. “