Prophecy Raises $35 Million in Series B, Led by Insight Partners and SignalFire

Prophecy Raises $35 Million in Series B, Led by Insight Partners and SignalFire

Prophecy, the transformative low-code development platform, announced a Series B investment of $35 million spearheaded by Insight Partners and SignalFire. Additional contributions come from key players including J.P. Morgan, Singtel Innov8, Databricks Ventures, and Dallas Venture Capital.

Transaction Highlights:

  • Deal Value: $35 million, taking Prophecy’s total capital raised to $67 million.
  • Lead Investors: Insight Partners, accompanied by SignalFire.
  • Target: Prophecy, a groundbreaking low-code platform that revolutionises data transformation.

Prophecy in Focus:

  • Company Genesis: Founded by Raj Bains, an alumnus of giants like Microsoft and Nvidia, after identifying a gap in the market for proficient platforms that cater to modern AI and analytical projects.
  • The Product Proposition: Introducing "visual development", Prophecy seamlessly integrates a drag-and-drop interface with sturdy code. This not only ensures reliability but also introduces “packages” – components containing a fusion of business, operational logic and code.
  • Novel Tool - Data Copilot: An ingenious tool within Prophecy, Data Copilot employs large language models coupled with a unique knowledge graph. This facilitates the creation of data transformation pipelines purely based on natural language prompts.

The Data Dilemma:

As Raj Bains emphasises, enterprises often grapple with the challenge of data transformation. Conventional platforms impose bottlenecks or impose challenges for non-coders. Recent surveys by Wakefield Research and cloud analytics firm Matillion further spotlight the overextension of data teams and the significant resources invested in data engineering.

Prophecy’s Promise:

Besides simplifying data pipeline creation, Prophecy aims to enhance productivity. By offering self-service data transformation, it extends its reach to non-coding data teams, thus boosting efficiency. With the code it generates, such as PySpark, Scala, or SQL, Prophecy ensures clients are never tethered, endorsing best practices through code.

Competitive Landscape:

While Prophecy holds its ground against contemporaries like Coalesce, Informatica, Talend, Incorta, and Etleap, the abundance of funds in the data integration sector, anticipated to burgeon by 12.3% from 2023 to 2030, is a favourable sign.

Company Milestones:

A robust 400% YoY growth since its Series A in January and a clientele comprising numerous Fortune 500 companies attest to Prophecy’s soaring success. Bains notes that the platform's primary goal is to expedite data-driven decision-making, aligning with the objectives of most chief data officers.

Board Additions:

Post this latest funding round, former Hortonworks president Herb Cunitz will grace Prophecy's board, with J.P. Morgan’s Elena Zislin joining as an observer.

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