Welcoming AtScale to our portfolio as it raises $25m Series C round
AtScale, the only company to provide enterprises with a universal semantic platform for BI on Big Data, announces today that it has completed a $25M Series C financing round.
The round, led by Atlantic Bridge, makes it clear that the investment community recognizes the strategic relevance of AtScale's mission: stop making Big Data small and provide enterprises access to any data, anywhere, for any employee. According to the Economist, only 5% of the data enterprises capture make it to the decision makers who need it.
This round also includes the participation from Wells Fargo Securities, Industry Ventures as well as returning investors Storm Ventures, UMC Capital, Comcast Ventures and XSeed Capital.
"AtScale's differentiated approach has turned the industry on its head," said David Lam, our General Partner here at Atlantic Bridge. "The company has incredible market uptake, very impressive customer adoption and a proven business model. It is setting the tone for the rest of the industry and building the stage for an upcoming Business Intelligence revolution. We are excited to join the team as the company operates one of the most disruptive and necessary changes in the Business Intelligence world."
Enterprises have been tackling Big Data for more than a decade but they're still forced to make it small for BI users by creating siloed data stacks. This defeats the purpose of moving to a Big Data platform in the first place because it strips away Big Data's nuances and, by losing data fidelity, deprives business analytics of their true potential.
The companies that have chosen AtScale have been credited for advancing the field of Big Data across many industries: for example, Macy's was recognized with the Ventana Research Business Technology Leadership Award, Yellow Pages received the Cloudera Data Platform Optimization and, just last week Cloudera recognized GlaxoSmithKline with the Data Impact of the Year at the Strata Data Conference in New York.
In the last few years, we've witnessed the transition from a centrally managed, IT led business intelligence model to a self-service model driven by business units. While this migration has enabled business users to manage their own analysis and visualizations, it has come at the expense of data security, consistency and control. The self-service model often forces business users to become data modellers and data wranglers and re-invent the key metrics driving their business. Meanwhile, IT seeks to centralize business logic and data platforms, manage security and avoid the data silos that are often the unintended side effect of a self service model. Most enterprises end up with dozens, sometimes hundreds of data stacks that, according to Harvard Business Review, can drive up the cost of implementations by 80%.
Dave Mariani, CEO and co-founder of AtScale, remembers experiencing this at Yahoo! when his team managed over 8,000 licenses of Tableau and MicroStrategy: "Every new tool needed its own support system: its own data pipeline, business logic management layer and its own team," he said. "This model cost money, time and agility. We knew that, over time, every enterprise would run into this problem and grow tired of these massive trade-offs. It feels like every enterprise has hit this inflection point now, and we're happy that AtScale is here to bring order to the chaos."
AtScale is the industry's only patented solution that enables enterprises to simplify their business intelligence infrastructure by allowing business users to continue working with the tools they know and love while providing the enterprise with a universal semantic layer to centrally manage data definitions, performance and security.
When enterprises rely on siloed data stacks many compromises occur: users never get full access to all the data, and because they have to wait for the export, move, format process to complete, they don't get the latest data either.
No matter how often IT attempts to refresh its data marts (an issue in itself), the rigidity of this approach forces them to make Big Data small, squandering in the process the opportunity to present people with the data they needed to achieve their potential.
"Using a siloed data stacks approach in 2017 is the equivalent of drinking a slurpee through a cocktail straw," said Mariani, "it's painful, frustrating and most importantly, unsatisfying."
AtScale is the industry's only patented solution that lets enterprise IT provide employees with full, secure and performant access to the data stored in their data warehouses and data lakes. AtScale does so by providing universal semantic layer software capabilities that manage data without moving it or shrinking it. AtScale is the only market solution that keeps data big, no matter how big.