Prophecy Secures $35M Series B Funding to Scale its Self-Service Data Transformation Platform
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400% YoY growth attracts new strategic investors J.P. Morgan, Databricks Ventures, Singtel Innov8, and DallasVC, with existing investors Insight Partners and SignalFire leading the round
PALO ALTO, Calif., October 12, 2023-- Prophecy, the leading self-service data transformation platform, today announced its Series B funding round, securing an impressive $35M, led by Insight Partners and SignalFire with J.P. Morgan as a major investor. The new funding catapults the company’s total funding to $67M. The round included participants from new investors Singtel Innov8, Databricks Ventures and DallasVC.
Raj Bains, the CEO and founder of Prophecy, shared his enthusiasm, stating,“With thousands of users across Fortune 500 organizations, Prophecy has unequivocally proven the demand for a complete, enterprise-grade data transformation platform over the fragmented modern data stack. Our unique approach unifies visual and code development and is the future of data transformation.”
Vikas Marwaha, Prophecy COO and co-founder, added, “Despite the challenging investment environment, customers and partners have shown resounding confidence in us—making significant investments alongside the VCs in the oversubscribed round.”
Prophecy’s unique technology serves two imperatives necessary for scale. First, its visual interface enables a large number of data users—especially those in the line of business. Second, the visual interface produces high-quality code, enabling data teams to run with best software practices to ship trusted data.
“Prophecy has been a tremendous partner for Databricks and for enterprises using our platform,” said Chris Hecht, SVP, Corporate Development and Product Partnerships at Databricks. “Their self-service data transformation platform unlocks value from the lakehouse more quickly, making our investment in their Series B a natural next step for our relationship. As Raj and the team continue to build and scale their platform for enterprises, we look forward to collaborating with them and growing our partnership even further.”
In this funding round, the company welcomes two additions to Prophecy’s board:
• Herb Cunitz, an independent board member and former President of Hortonworks, brings decades of experience in revenue generation and board leadership.
• Elena Zislin, Managing Director for J.P. Morgan, joins as a board observer.
The new members of the board join Ilya Kirnos from SignalFire, who spotted the product potential early and has since participated in multiple rounds, and George Mathew from Insight Partners, who is a seasoned executive in the enterprise data space with previous experience as the former COO of Alteryx and former CEO of Kespry. George made his second lead investment in Prophecy and guides the board.
“Having been a builder in the enterprise data markets, I’ve seen many companies struggle in managing and activating their data,” said George Mathew, Managing Director at Insight Partners. “Prophecy continues to grow exponentially and we’re excited to be investing again to accelerate the company’s growth, at a time when many enterprises are doubling down on their data capabilities.”
“Since its early stage, we’ve been impressed by Prophecy's vision and ability to pioneer an industry leading solution in such a short amount of time,” said Ilya Kirnos, Founding Partner at SignalFire. “As every enterprise becomes more data-centric, Prophecy’s growth potential is enormous and with the strategic partnerships they have already built, I look forward to seeing how they evolve in the new data landscape.”
To further enhance its go-to-market capabilities, Prophecy in 2023 has expanded its leadership team:
• Vincent Giacomazza, Chief Revenue Officer, previously VP of Sales at CockroachDB
• Angela Hooper, VP Success, previously VP of Customer Success at Alation and ThoughtSpot
• Mitesh Shah, VP Product Marketing, previously VP of Product Marketing at Alation
• Emily Lewis, VP of Marketing, previously VP of Marketing at Incorta
Prophecy’s recent round of funding follows a series of noteworthy product innovations in 2023:
• Prophecy for Databricks added SQL support for data warehouses
• Prophecy Data Copilot, an AI assistant for building visual data pipelines
• Prophecy Package Hub brings packages from code to visual development to enable customers to build and share standards for their business
To learn more about Prophecy, please visit: prophecy.io.
Prophecy is a self-service data transformation platform that offers an easy-to-use visual interface to build, deploy and manage data pipelines 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. Prophecy is backed by some of the top VCs, including Insight Partners and SignalFire. Learn how Prophecy can help your data engineering in the cloud at prophecy.io.