Y42 Raises $31M to Revolutionize Data Platforms

Y42 Secures $31 Million in Series A Funding

Y42, a low-code data platform headquartered in Berlin, has announced the successful completion of a $31 million Series A funding round. This round was co-led by prominent venture capital firms Atomico and Insight Partners.

Existing investor La Famiglia, who spearheaded the company’s initial seed funding, and Data Community Fund also contributed to this financing, bringing Y42’s total funding to nearly $34 million.

A Unified Data Platform Approach

Y42 aims to deliver a comprehensive, end-to-end data platform to its users. This platform is designed to consolidate the various tools currently employed for data integration, transformation, orchestration, and visualization.

The company’s ambition is to provide a single solution capable of largely replacing established services such as Fivetran, Airbyte, dbt, and Tableau.

“It is a very crowded market,” stated Hung Dang, Y42’s founder and CEO. “However, our approach differs significantly from most point-to-point tools currently available.”

Dang continued, “My focus is on building a product with a clean slate, prioritizing best practices from the modern data stack, and applying them within a unified platform, regardless of the development timeline.”

Bridging the Gap Between Analysis and Engineering

Y42 intends to empower business intelligence teams and data analysts with a tool that effectively bridges the divide between performing fundamental data analysis and the need to employ dedicated data engineers for maintaining a complex modern data stack.

The company is experiencing substantial customer acquisition in this area, and is confident in its ability to scale alongside its users as their data practices evolve, particularly with planned feature releases for the coming year.

“Every business leader today recognizes the necessity of extracting greater value from their data, yet the availability of skilled data professionals is limited; demand for data engineers is increasing by 50% annually,” explained Irina Haivas, a partner at Atomico.

“Y42 addresses this bottleneck and broadens access to data tools beyond a select group, effectively establishing a new category within the data landscape.”

Strategic Partnerships and Future Growth

Dang also highlighted the interest from larger industry players, including Snowflake, in establishing partnerships with Y42.

This interest stems from Y42’s role as a potential entry point for new customers who may not yet have implemented a data warehouse. While initially recommending Google Cloud and BigQuery, Y42 remains platform-agnostic.

Currently, Y42 employs approximately 70 individuals, a significant increase from the 25 on staff in March. Its customer base includes companies like LifeMD, Petlab, and Everdrop.

The newly acquired funding will be allocated to accelerating platform development, expanding the team, and bolstering go-to-market strategies. Y42 has already initiated the formation of a U.S.-based team to support these efforts.