Y42 (formerly Datos Intelligence) had previously raised $2.9M (approx €2.5M) in its Seed round. The company has raised total funding of $34M (approx €29.3M) to date.
The company claims the proceeds from this round will help it to continue accelerating the development of its platform, building out its customer base, and hiring new talents.
The Series A round was co-led by Atomico and New York-based global private equity and VC firm Insight Partners. The round also saw participation from La Famiglia and Data Community Fund.
Atomico partner Irina Haivas, who will join Y42’s board as part of the investment, says, “Every business leader today knows they need to extract more value from their data, but the data talent to adopt and maintain a modern stack is scarce; demand for data engineers is growing 50 per cent annually. Y42 unlocks this bottleneck, and democratises access to data tools beyond a select few. In that, they are creating a new category.”
A full-stack data platform that anyone can run
Founded in 2020 by Hung Dang, Y42 is building a data platform to allow any company to harness the power of data efficiently and collaboratively. Dang founded the company after his experiences working in startups and data consulting where he encountered organisations suffering from the same data pain points time and again.
Dang explains, “Data is not a tech problem, it’s a business problem. Our platform can turn any company into a data business, and any person into a data analyst. While the core data flow challenges of the modern data stack – moving, manipulating, and visualising data – are being solved, we can already see the next wave of innovation will happen around metadata, with things like cataloging, lineage, orchestration, quality checks, audits, and access control. As an end-to-end solution, we have a clear advantage for this next generation of products.”
The Y42 team is working to develop an industry-agnostic data platform that solves issues of managing complex data stacks once and for all.
The company’s solution is aimed at the siloed and expensive modern data stack, where many companies find themselves paying heavy subscriptions to various service providers. This includes separate tools for data orchestration, ingestion, and visualisation which is too complex and resource-heavy to handle in-house.
Large firms combine five or more tools, while for startups it means resorting to an ever-expanding bunch of spreadsheets. Y42 estimates that 12,000 companies across the globe try to adopt a modern data stack annually with many of them unable to do so.
Y42 claims it is the first scalable data platform that anyone can run. It empowers business analysts or data engineers to easily set up a full-stack platform without heavy engineering investment – from integrating hundreds of data sources to automating data pipelines and dashboards.
The company says its platform takes away the complexity of juggling multiple tools like EL(T), DWH, Modeling, Orchestration, Visualization, Reverse ETL.