Cloud data integration platform Matillion has raised a $100 million Series D as it looks to take advantage of new large verticals shifting to the cloud.
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The round was led by Lightspeed Venture Partners with participation from Battery Ventures, Sapphire Ventures and Scale Venture Partners, as well as financing from Silicon Valley Bank’s U.K. branch. The company now has raised $165 million, according to CEO Matthew Scullion.
Matillion’s platform helps companies move data to large cloud warehouses such as Snowflake, and then transform that data so it easily can be digested and deployed, Scullion said.
“We make the world’s data useful,” he said. “And everyone needs to compete using data.”
Founded about a decade ago, Matillion initially built and maintained the data warehouses itself, Scullion said, adding that in 2015, the company pivoted after seeing the need to load and transform data.
The pivot seems to have paid off for the company. While Matillion — which is co-headquartered in Denver and Manchester, England — does not release financials, Scullion said the company experienced strong growth in 2020 as there was a large acceleration to the cloud and many new verticals with large enterprises undergoing digital transformations.
It is estimated nearly 20 cents on every dollar spent on large cloud platforms like Snowflake go to middleware players such as Matillion, Scullion said. If that is the case, the 261-person company competes in a market that likely is worth more than $16 billion against many older companies such as Informatica and Talend that are not cloud native, he added.
Rytis Vitkauskas, a partner at Lightspeed Venture Partners, said one of the reasons Matillion is an attractive investment is the fact it is cloud native, separating itself from some of those older competitors.
“One of the elements that convinced us to double down on Matillion was the realization that the market scope for ETL (extract, transform, load) is being redefined by enterprise cloud migration,” Vitkauskas said.
“Matillion is positioned as a clear leader in this market, and is well on its way to become an enduring, generational impact business,” he said.
Illustration: Li-Anne Dias.
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