$100 Million Funding Puts ETL Platform Fivetran in the Unicorn Club
Fivetran has joined the elusive club of tech unicorns after scooping $100 million in Series C funding. This funding has put the ETL and ELT platform among the unicorns with more than $1 Billion evaluation. This financing round was led by General Catalyst and Andreessen Horowitz, with participation from existing investors Matrix Partners and CEAS Investments.
In a recent interview with me, Fivetran CEO & Co-founder, George Fraser had said, “For businesses, data lives in so many different places and that poses a very large challenge. We’ve addressed about 5% of the problem. That’s actually a lot and we’ve made some great progress, but there’s still plenty to do. That said, the bigger we get, the easier it gets.”
George added, “As far as what’s left to accomplish, we need to have connectivity to every data source in the world, other than the ones we have now, and we need to make those connectors perfect. They should have super-short latency –a latency of seconds– and we should be able to send the data to any destination.
Also, anything that looks like a database, we should be able to support as a destination. There’s still a lot of ground to cover and I know our team is up for the challenge.”
Switching to the Cloud for the first time or moving from the existing Cloud to another is a massive IT undertaking, especially when a majority of IT customers complain of overshooting their migration budgets by $285,000.
According to Gartner, more than half of all data migration projects would exceed both time and cost due to ambiguous data migration strategies and poor execution. ETL solutions like to the one offered by Fivetran can automate and normalize a large part of this process at a significantly low cost of migration.
In the next few weeks, Fivetran is expected to bolster its position in the Data Warehousing landscape as a leading provider of next-generation, automated data integration in the Cloud. It already supports some of the biggest modern cloud warehouses like BigQuery, Snowflake, Microsoft Azure and Redshift with advanced data warehousing solutions.
In an era when digital transformation journeys are built on scalable models of data management infrastructure and enterprise security, Fivetran offers low-cost Extract, Load, and Transform platform (ELT) at volume neutral pricing. Despite the ongoing economic downturn, Fivetran has continued its journey as a fast-paced agile company, supporting customers with efficient solutions to reduce their total cost of ownership by adopting our product in place of highly customized, in-house ETL pipelines that require constant maintenance.
Currently, Fivetran is known as the only data pipeline with the best-optimized architecture and management for large enterprises moving to the Cloud. Users can better leverage the revolutionary capabilities of analytical databases such as Snowflake, Redshift, BigQuery and Databricks. Within 5 years since inception, Fivetran is already taking on the established players in the Cloud data migration ecosystem, such as Alteryx, NetApp, SnapLogic, Stitch, Xplenty, Mixpanel, Segment and GoodData.