Prophecy, a platform for low-code development that helps businesses change their data, announced today that it had raised $35 million in a Series B fundraising round, which was headed by Insight Partners and SignalFire and included J.P. Morgan, Singtel Innov8, Databricks Ventures, and Dallas Venture Capital.
Bains said, “The pandemic and economic slowdown each had brief slowdowns in software purchases that lasted a couple of quarters.” Despite these slowdowns, Prophecy is still tripling revenue every two quarters, which puts us in a powerful position. However, enterprise spending has remained steady.
After working at Microsoft and Nvidia for a while, Bains founded Prophecy. While there, he focused on enhancing hardware performance and developing the software architecture required to support AI compute workloads. Bains concluded that the data transformation platforms already available on the market needed more for today’s AI and analytics projects after becoming the product manager of Apache Hive, an open-source system for summarizing, analyzing, and querying data structures.
For the past two decades, Bains noted, “Data transformation has been identified as a bottleneck.” “Some organizations have tried to switch to a code-only approach and hit a different set of challenges,” the biggest of which is that data analysts and other non-coders can no longer serve themselves.
According to a Wakefield Research survey from 2021, revenue and decision-making frequently suffer when businesses construct their own data pipelines. Companies responding to the survey report have a median of 12 data engineers who dedicate 44% of their time to it at an average cost of $520,000. This is a significant investment in capital and people resources by any standard.
A different poll by cloud analytics software provider Matillion showed that data teams need to work harder to satisfy business objectives. Eighty-four percent of the data engineers who responded to the survey stated their workload was too much for them to handle, and 34% claimed each project takes close to or more than half of their workday to integrate, collect, and convert data.
Bains refers to the combination of code and “visual development” as Prophecy’s solution. Customers may utilize the platform’s drag-and-drop interface to create code-based data pipelines with reliability assurances. It also offers what Prophecy refers to as “packages”—reusable parts that include business and operational logic and code.
According to a Wakefield Research survey from 2021, revenue and decision-making frequently suffer when businesses construct their own data pipelines. Companies responding to the survey report have a median of 12 data engineers who dedicate 44% of their time to it at an average cost of $520,000. This is a significant investment in capital and people resources by any standard.
A different poll by cloud analytics software provider Matillion showed that data teams need to work harder to satisfy business objectives. Eighty-four percent of the data engineers who responded to the survey stated their workload was too much for them to handle, and 34% claimed each project takes close to or more than half of their workday to integrate, collect, and convert data.
Bains refers to the combination of code and “visual development” as Prophecy’s solution. Customers may utilize the platform’s drag-and-drop interface to create code-based data pipelines with reliability assurances. It also offers what Prophecy refers to as “packages”—reusable parts that include business and operational logic and code.
Fortunately, the market for data integration has plenty of money to go around. According to Grand View Research, the segment’s value, which was $11.91 billion in 2022, will increase 12.3% from 2023 to 2030.
According to Bains, “thousands” of users at “multiple” Fortune 500 corporations, including banks, healthcare organizations, and technology vendors, currently use Prophecy, a company with about 100 workers. Since Prophecy’s Series A in January, revenue has increased over 400% yearly.
According to Bains, most consumers begin by purchasing software licenses for several hundred thousand dollars, while the most expensive customers spend over a million dollars. “Prophecy accelerates time to value and data-driven decision making by putting analytics- and AI-ready data into more hands, more quickly. Chief data officers often prioritize these benefits.
Herb Cunitz, the former president of Hortonworks, will join Prophecy as a board member due to the most recent investment. Elena Zislin, managing director of J.P. Morgan, will join as a board observer.
