Today, Prophecy announced that it has closed a $47M Series B extension round led by Smith Point Capital with participation from HSBC, Berkeley SkyDeck, DallasVC, Insight Partners, JPMorgan Chase and SignalFire.
The funding will be used to continue accelerating growth and product development following Prophecy’s impressive 3.5X revenue growth in FY’24. With 160% net revenue retention coming from existing customers including Fortune 500 companies like Amgen, HSBC and JPMorgan Chase, we believe that Prophecy is at the forefront of a transformative modernization shift in how enterprises manage data transformation.
Amid surging demand from enterprises building AI and analytics applications, there’s a stall in getting out of the pilot or proof of concept stage. Research has found that 68% of businesses that are investing in AI have only moved 30% or fewer of their AI experiments into production.
Prophecy is helping customers accelerate their deployment of AI capabilities. Its AI-powered visual designer generates standardized, open code that extracts, transforms and delivers the required data – whether it’s structured, unstructured, op-premises, in the cloud, or both – that corporations need to extract value and build applications quickly. And, because it’s optimized for modern cloud data platforms, AI initiatives that typically depend on data scattered across dozens, or even hundreds, of sources across the enterprise, can now be streamlined into a single platform that allows organizations to deploy AI capabilities in minutes.
Prophecy is democratizing data proficiency and access with their Analyst Copilot, and as a result is solving a multi-billion-dollar productivity challenge for enterprise data teams who typically spend 90% of their time preparing data for analytics and AI, rather than implementing it. A recent study found that the majority (84%) of data engineers suffer from capacity issues – with a third spending up to half of their day on relatively low value data collection. Adopting broad-persona applicable tools like Prophecy will be a mission-critical solution for enterprise companies to streamline workflows and alleviate roadblocks for data teams so they can elevate their focus from pipeline preparation and maintenance to delivering higher order business value.
Congratulations to Raj Bains and the whole team at Prophecy. We’re proud to have led this Series B extension round and are excited to be a partner in your mission to disrupt the massive ETL / data integration market and unlock the true potential of data.
For more information about Prophecy’s latest announcement, you can read the full press release here.