Y42 raises $31ml to build the first scalable data platform

Tuesday, Nov 02, 2021 08:23

The Y42 team. — Photo the company

Y42, the Berlin-based company building the first scalable data platform that anyone can run, has announced the closure of a US$31 million Series A funding round that takes its total investment to $34 million.

The round was co-led by Atomico and New York-based global private equity and venture capital firm Insight Partners, with participation from La Famiglia and the Data Community Fund. Atomico Partner Irina Haivas will join Y42’s board as part of the investment.

With a full data lifecycle approach, Y42 aims at the expensive modern data stack, where many companies find themselves paying heavy subscriptions to disparate services that do not communicate together. This includes separate tools for data orchestration, ingestion, and visualization, often maintained by a bevvy of outside consultants because they are too complex and resource-heavy to handle in-house.

Many large firms stitch together five or more tools; for start-ups it means resorting to an ever-expanding bunch of spreadsheets. Globally, Y42 estimates that currently 12,000 companies annually try to adopt a modern data stack, most unsuccessfully.

“Data is not a tech problem, it's a business problem. Y42’s platform can turn any company into a data business, and any person into a data analyst,” said Y42 CEO and founder Dang Hieu Hung. “While the core data flow challenges of the modern data stack - moving, manipulating and visualizing data - are being solved, we can already see the next wave of innovation will happen around metadata, with things like cataloguing, 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.”

“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 makes data tools more accessible for everyone. In that, they are creating a new category.” said Atomico partner Irina Haivas.

Y42 will use its Series A funding round to continue accelerating the development of its platform, building out its customer base and scaling its team.

The Y42 solution is an all in one data ingestion, analysis, and sharing platform that’s easy to use, interoperable, and designed to scale in tandem with a company’s growth. It is aimed at business intelligence leaders and analysts that aspire to own the company’s data and inject rigour into its decision making. These are people who are dissatisfied with the high maintenance load, lack of interoperability, and barriers to scale offered by legacy players. — VNS

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