Y42, a full-stack data platform for non-coders, raises $ 31 million
Y42, a platform that allows anyone in an organization to build an enterprise-grade data stack with minimal coding, has raised $ 31 million in a Series A funding round led by Atomico and Insight Partners.
The value of combining data from various SaaS applications, such as CRM, marketing, and product analytics, is well understood – pooling sources can generate new consumer buying trends that would otherwise be difficult to collect with data held in their original silos. And companies looking to do so have no shortage of tools at their disposal, from data integration and transformation tools like Fivetran, to warehousing solutions like Databricks, BigQuery and Snowflake, and on business intelligence and analysis platforms such as Tableau or Google Looker. .
However, building this end-to-end stack requires a great deal of technical know-how, and multiple subscriptions to various service providers add up quickly. That’s where Y42 comes in, combining what he calls the “power of an enterprise-level data stack with the simplicity of a spreadsheet.”
“Y42 is the first scalable full-stack data platform that anyone can run,” Y42 founder and CEO Hung Dang told VentureBeat. “No coding is required – anyone comfortable with Excel can use Y42 as a data platform.”
Founded in Germany in 2020, Y42 had already raised around $ 3 million, and with an additional $ 34 million in the bank, the Berlin-based company said it was well-funded to expand its core platform and strengthen its workforce.
In addition to the lead co-founders, seed investor La Famiglia and Data Community Fund also participated in the round.
End-to-end data platform
Well-established data integration players like Fivetran are great at what they do, but they require users to put multiple services together for a complete end-to-end platform spanning ingestion to reporting. and analyzes. Y42, for its part, sports more than 100 pre-built connectors to integrate data from a myriad of applications and databases; data modeling via an interface without code or SQL (for the more technical in the workforce); orchestrating data to connect the right data sources, models and automations; and data visualizations via dashboards and charts.
So, for example, if a business wants to find out the cost of acquiring a new customer, they’ll use Y42’s plug-and-play connector for the market (s) of their choice, such as Shopify or Amazon, and connect them. data from its marketing channels. like Facebook or Snapchat Ads. Then they would need to merge and transform that data so that it was all in the same format and ready for analysis, with Y42 creating visualizations around all of the user-defined metrics, such as the cost of customer acquisition through marketing channel, or new and repeat revenues. .
And on top of all this, users can configure Y42 to automatically update models to take into account new data, ensuring that dashboards and reports are always up to date.
From disruptive to disturbed
There are other “holistic” data platforms, such as Datorama, which is now owned by Salesforce; Qlik, which Thoma Bravo bought for $ 3 billion in 2016; and publicly traded Domo, which has tripled in value to become a $ 3 billion company in the past 12 months. As is common in the technological sphere, however, disruptors are themselves now disrupted.
“To frame the landscape somewhat, these ‘legacy’ companies are coming from an era of pre-cloud data warehouse,” Dang explained. “Y42 uses similar design principles, like the ‘modern data stack’, which relies on cloud data warehouses like Snowflake and BigQuery, except we offer an integrated solution instead of paying for a range of disparate tools. “
So who is the typical end user of Y42? In truth, it’s more likely that these are companies that are “starting their data journey,” according to Dang, which means smaller companies. However, he noted that as the business grew, they saw increased interest from a business segment looking to consolidate a range of different tools into one easy-to-use platform. that everyone in a business can use. Among those clients is LifeMD, a health care company listed on the Nasdaq.
Y42 offers three basic pricing levels, from ‘start-up’, which starts at $ 549 per month for five users and 15 data sources, through to ‘growth’, which starts at $ 1,099 per month for 10 users and 50 data sources. A bespoke “enterprise” offer is also available, which unlocks an unlimited number of users and data sources, and inaugurates a handful of additional premium services.
“We’re lowering the barrier to entry for efficient data usage for 99% of businesses by removing the need to maintain a complex data infrastructure – and, as a result, hire lots of data engineers,” Dang said. . “Until now, companies have often been stuck with a ‘hell of spreadsheets’ or very limited analysis tools until they are big enough and have the resources to hire the right data team. to assemble a modern and scalable data stack. Y42 is the natural choice for any business new to their data journey, because we activate them early and grow with them. “
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