Oh Snap! Data Integration Firm the Latest Unicorn
Following a Series H round of funding totaling $165 million led by Sixth Street, data and application integration vendor SnapLogic is now worth over $1 billion, the company announced today.
Since it was founded in 2006, SnapLogic has aimed to simplify tedious and time-consuming data and application integration processes. The company does that through a cloud-based offering called the SnapLogic Intelligent Integration Platform that boasts more than 600 hundreds of connectors, support for EDI transactions, the capability to create and consume APIs, and the capability to sculp complex ELT flows in a drag-and-drop, low code/no code manner.
In addition to helping to prepare data for training AI models, the product also uses AI to assist with the data integration process and to reuse existing integration flows. Running in the cloud, SnapLogic is used by thousands of customers to create 3.1 million pipelines per month, the San Mateo, California company says.
“The enterprise automation market is booming, and our latest funding is further validation of our growing momentum and product leadership in that space,” SnapLogic CEO Gaurav Dhillon said in a press release.
The company says it’s processing a mind-boggling 2.7 trillion documents per month. Customers include names like Adobe, Aramark, Drax, Emirates, Qualtrics, Schneider Electric, and Workday. The company didn’t disclose revenues, but said its platform is growing at an exponential rate and that the company will exit the year with “record annual bookings.”
Dhillon, who co-founded and led Informatica as it grew into the most influential data integration software company of its generation, was an early investor in SnapLogic. He became its CEO in 2009, five years after he left Informatica.
Michael McGinn, partner and co-head of Sixth Street Growth, the San Francisco-based venture capital firm founded by a former Goldman Sachs partner, says SnapLogic is ideally situated to help meet the new demands that companies are putting on data.
“Modern enterprises are democratizing access to data and applications and empowering business teams to use low-code, self-service technologies to build the solutions they need to work better and faster,” McGinn said in the press release. “SnapLogic’s seasoned management team, sound economic model, and sustainable growth plan put it in a great position to capitalize on the thriving Enterprise Automation sector and expanding hybrid workplace trends.”
This is the first funding for SnapLogic since the company raised $72 million in an October 2019 Series G round led by Arrowroot capital Management. Prior to that, it raised $40 million in a December 2016 Series F led by Vitruvian Partners, and $37.5 million in a December 2015 Series E round led by Microsoft and Silver Lake Waterman.