Prophecy, data transformation startup, secures $35M investment

Anurag Paul

11th Oct'23
Prophecy, data transformation startup, secures $35M investment | OpenGrowth

Exciting news! Prophecy, revolutionizing data with low-code solutions, just bagged $35 million in Series B funding! Kudos to leaders Insight Partners and SignalFire, and big shoutout to supporters like J.P. Morgan, Singtel Innov8, Databricks Ventures, and Dallas Venture Capital.

Prophecy's funding pot now hits $67 million! This fresh infusion will supercharge their platform expansion and attract more customers, reveals CEO Raj Bains to TechCrunch.

Amidst the pandemic's economic ripples, Prophecy's resilience shines, doubling its revenue every two quarters, says CEO Raj Bains. With a rich background from Microsoft and Nvidia, and as a product manager for Apache Hive, Bains identified a gap in the market: existing data transformation platforms weren't cutting it for modern AI and analytics.

Bains points out a long-standing issue: "Data transformation has been a bottleneck for 20 years." While some organizations shifted to a code-only approach, this sidelined data analysts and non-coders.

Supporting Bains' observation, a 2021 Wakefield Research survey revealed the hefty costs companies bear when crafting their own data pipelines. The study showed that data engineers, costing companies an average of $520,000, spend almost half their time on data engineering tasks.

Another survey by cloud analytics firm Matillion highlighted the strain on data teams. A whopping 84% of data engineers felt swamped, with 34% spending half their day or more on data tasks per project.

Enter Prophecy's innovative solution: a blend of "visual development" and code. Their platform offers a user-friendly drag-and-drop interface for crafting reliable, code-based data pipelines. Plus, Prophecy introduces "packages" - reusable components blending business logic with code.

How is prophecy making news in data transformation?

Prophecy is making news with its innovative approach to data transformation. Available both on the cloud and on-premises, it's introduced a game-changing tool, Data Copilot. This tool, reminiscent of OpenAI's ChatGPT, crafts data pipelines using natural language prompts, bypassing the need for complex coding or manual drag-and-drop editing.

CEO Raj Bains highlights a significant issue: "Enterprise data has a productivity problem." Prophecy's solution empowers a wider range of users, especially those without coding expertise. It translates visual pipelines into open-source code like PySpark, Scala, or SQL, ensuring flexibility and adherence to best software practices.

While Prophecy faces competition from Coalesce, Informatica, Talend, Incorta, and Etleap, the data integration market is booming. Valued at $11.91 billion in 2022, it's projected to grow by 12.3% from 2023 to 2030.

With a team of around 100, Prophecy boasts thousands of users from Fortune 500 companies, spanning sectors like banking, healthcare, and tech. Since its Series A in January, its revenue has skyrocketed by 400% year-over-year. Bains notes, "Prophecy helps put analytics- and AI-ready data into more hands, more quickly." This rapid access to data is a boon for chief data officers aiming for swift, data-driven decisions.

In light of the recent investment, Prophecy welcomes former Hortonworks president Herb Cunitz to its board, with J.P. Morgan's Elena Zislin joining as a board observer.

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Anurag has been writing content for over eight years, and he is dedicated to it and cannot see himself in any other industry. As a passionate writer, he is interested in business and entrepreneurship. An accomplished technologist and financial expert, he strives to empower others through entrepreneurship, leaving his comfort zone to explore entrepreneurship. Having worked in the Financial sector for more than five years as a full-timer, he also has a keen interest in Corporate Finance ...