Prophecy Raises $25M to Accelerate Availability of Its Low-Code Platform for Data Engineering
PALO ALTO, Calif., Jan. 20, 2022 /PRNewswire/ -- Prophecy, the enterprise low-code data engineering platform that brings the speed of DevOps to data engineering, today announced that it raised a $25 million Series A round led by New York-based global venture capital and private equity firm Insight Partners, with participation from seed investors SignalFire and Berkeley Skydeck, as well as Dig Ventures. The company has now raised more than $31 million in funding.
Prophecy provides an easy-to-use visual interface to build, deploy and manage data processing that incorporates software engineering best practices. The company's platform is already relied on by a number Fortune 500 companies to manage data infrastructure across their enterprises. Prophecy will use the funding to expand its go-to-market team and to further enhance its low-code data engineering platform.
Prophecy co-founder and CEO Raj Bains saw firsthand how data engineers struggle with big data platforms from his work at Hortonworks. Since today's cloud platforms only provide data processing engines, data teams have been forced to assemble custom infrastructure – each building bespoke, internal data tools and frameworks. The Prophecy team saw the opportunity to provide a data engineering platform for all companies with cutting-edge technology that combines the latest in visual and code development with compilation and tooling expertise from years of collective experience at Microsoft and the NVIDIA CUDA team.
"The fundamental problem is that data tooling hasn't changed much over the past decade. Data is the new oil, but it needs to be refined into the fuel that powers machine learning and business analytics. This refining is currently an artisanal process driven by data engineers and custom scripts that is failing to fulfill real business outcomes," said Bains. "Prophecy is on a mission to industrialize data refining by combining robust engineering, standardization and high-volume production. With this recent Insight investment, we will make the platform widely accessible and advance the boundaries of what's possible in data engineering."
"Prophecy's low-code data engineering platform fulfills a significant whitespace – it creates a new category within modern data engineering platforms," said George Mathew, Managing Director at Insight Partners, who is joining Prophecy's board. "By leveraging software development best practices including code on Git, continuous integration/continuous deployment (CI/CD), and a world-class visual drag-and-drop interface; Prophecy has created a category-defining product for enterprise data engineering teams."
In addition to developing new workloads, data teams also need to migrate thousands of existing proprietary ETL workloads to the cloud. To address this pain point, Prophecy has developed a patent-pending transpiler that automatically converts AbInitio, Informatica, and other ETL workloads to high-quality Spark code that is imported into Prophecy along with the new workloads.
Prophecy is trusted by top enterprises in the Fortune 500, including multiple names in the Fortune 50, to be their primary data engineering platform as they transition from legacy ETL platforms to the cloud. As Prophecy becomes more widely accessible, data teams will be able to get back to focusing on rapidly delivering value to business outcomes versus wrestling with their data infrastructure.
Prophecy is the low-code data engineering platform company. Prophecy provides a simple to use visual interface to build, deploy and manage data processing, with software engineering best practices. Prophecy is trusted by enterprises including multiple companies in the Fortune 50 where hundreds of engineers run thousands of ETL workloads every day. Learn how Prophecy can help your data engineering in the cloud at www.prophecy.io.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.