Y42 raises $31M to build the first scalable data platform that anyone can run

Y42 raises $31M to build the first scalable data platform that anyone can run

By Y42
Oct 25, 2021
2 minutes

Berlin, Germany — October 25th, 2021 — Y42, the Berlin-based company building the first scalable data platform that anyone can run, today announces the closure of a $31M Series A funding round that brings its total funding to $34M. 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 Data Community Fund. Atomico Partner Irina Haivas will join Y42's board as part of the investment. 

With a full data lifecycle approach, Y42 takes aim at the siloed and 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 visualisation -- often maintained by a bevy of outside consultants because they are too complex and resource-heavy to handle in-house. Many large firms stitch together five or more tools, while 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 -- with many of them unable to do so. 

"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 Hung Dang. "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 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." 

"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% annually. Y42 unlocks this bottleneck, and democratises access to data tools beyond a select few. In that, they are creating a new category." said Atomico partner Irina Haivas.

"By empowering anyone and any company to be in the business of data with their innovative end-to-end solution, Y42 is re-imagining the modern data stack," said George Mathew, Managing Director at Insight Partners. "Using Y42, companies can draw data-driven insights quicker, scale more efficiently, and optimize resources. We at Insight are delighted to be part of this next phase of Y42's exciting journey."

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 who aspire to own the company's data and inject rigor 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.

About Y42

Founded in 2020 and based in Berlin, Y42 (previously known as Datos-Intelligence) is a company building a data platform which allows any company to harness the power of data efficiently and collaboratively. Founder Hung Dang set up the company following experiences working in start-ups and data consulting where he encountered organisations suffering from the same data pain points time and again. The Y42 team works to develop an industry-agnostic data platform that solves issues of managing complex data stacks once and for all.

About Atomico

Atomico invests in ambitious tech founders at Series A and beyond with a particular focus on Europe, leveraging deep operational experience to supercharge their growth. Founded in 2006, Atomico has partnered with over 100 ambitious teams - including those at Klarna, Supercell, Graphcore, Compass, MessageBird, Masterclass, Attentive Mobile, Pipedrive and Hinge Health. Atomico's team of founders, investors and operational leaders have been responsible for global expansion, hiring and marketing at companies from Skype and Google to Twitter and Uber. The firm currently has $4.7B in assets under management. 

About Insight Partners

Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.

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