Despite competition from other data transformation tool vendors, Coalesce has managed to secure multiple Fortune 500 customers and has seen its recurring revenue grow 4x year-over-year in the fiscal year ending January 2024. The company plans to use the funding to improve the platform’s performance, introduce AI features, and expand its 80-person team to around 100 by the end of the year.
Key takeaways:
- Coalesce, a data transformation services company, has raised $50 million in a Series B funding round co-led by Industry Ventures and Emergency Capital, bringing its total funding to $81 million.
- The company aims to automate repetitive data transformation processes, enabling data engineers to build data pipelines more efficiently.
- Coalesce is designed to work exclusively with Snowflake’s Data Cloud product, with Snowflake Ventures being an investor in the company.
- The company plans to expand its 80-person team to around 100 by the end of the year and is focusing on improving the Coalesce platform’s performance and introducing AI features.