Prophecy raises $25 million funding round for its low-code data engineering platform
Prophecy raises $25 million funding round for its low-code data engineering platform
Prophecy, a low-code data engineering platform, announced today that it has raised a $25 million Series A round led by Insight Partners and led by other investors. SignalFire and Berkeley Skydeck, as well as new investor Dig Ventures, also participated in this round, bringing the total amount of funding raised for the company up to $31 million.
When developing workflows, data engineers and analysts can seamlessly switch between a visual interface and a code editor, thanks to the low-code environment at the heart of the Prophecy user experience. Rapid development of Apache Spark code and subsequent execution via the Airflow service are made possible through this interface.
When switching between code and the visual interface, changes on either side are immediately reflected on the other. This, combined with the ability to customize and extend the visual interface with custom elements, is what the team hopes will give it a competitive advantage in the market. Additionally, due to the fact that many businesses continue to rely on legacy tools, Prophecy developed a transpiler that allows businesses to modernize their existing ETL processes.
The idea that data is the new oil is constantly being harped on by the media. They've been talking about it for a decade, but when it comes to large corporations, data management is a complete disaster. As a result, I'm thinking to myself, 'We can fix this,'" said Raj Bains, co-founder of Prophecy Technologies. Even though Databricks, which has partnered with Prophecy, and Snowflake are developing the data processing engines, he believes that enterprises still require a variety of tools to do the heavy lifting, particularly as they move to the cloud.
These enterprises, according to Bains, frequently rely on tens of thousands of on-premises data pipelines to accomplish their goals. For Prophecy, it was only natural that they would develop the tooling necessary to assist them in modernizing and migrating these pipelines into cloud environments, ideally onto their platform.
"This compiler was written by us," he explained. "It's a very sophisticated piece of equipment." " Using their existing data pipelines, it will automatically create new data pipelines for use with the cloud and cloud technologies on their behalf. We can simply take a large company with an extensive data engineering footprint [...] and migrate it completely to the cloud. " " The cloud is attracting the attention of large businesses, who are concerned about how to make the transition and succeed — and we're partnering with them to help them navigate the cloud migration process and help them succeed in this new cloud world, which has a completely different ecosystem."
Although it is still in its early stages, Prophecy already counts a number of Fortune 500 and Fortune 50 companies among its customers, who rely on the software to help them build and manage their data infrastructures.
Insight Partner's managing director, George Mathew, stated that a number of factors contributed to his interest in the company, including Bains' prior experience at Hortonworks, Nvidia, and Microsoft, among others.
Raj and his team at Prophecy understood what the previous generation of systems — particularly those in the data world — were and where they needed to go in the cloud-native world, as well as how to make that massive transition happen, including the use of a low-code/no-code environment, according to Mathew. It was also pointed out that the timing was ideal, considering the massive amounts of data that many organizations are now accumulating in their data warehouses and lakes — something that was not always the case only a few years ago.
According to Bains, the company's priorities for the coming year will be product refinement and assisting customers with production. Unsurprisingly, the company intends to use the new funding to expand its go-to-market strategy and further develop its full-stack data engineering platform, which is currently in development.
