Data copilot company Prophecy announced a $47 million Series B extension to accelerate the AI-powered transformation of the data integration market. Smith Point Capital led the round, with HSBC joining as a new investor and participation from existing investors including Berkeley SkyDeck, DallasVC, Insight Partners, JPMorgan Chase and SignalFire. This new funding comes from 3.5 times revenue growth in FY’24 with 160% net revenue retention from existing customers.
Prophecy is thriving with surging demand from enterprises building AI and analytics applications. These initiatives typically depend on data scattered across dozens or even hundreds of sources across the enterprise. The engineers needed for retrieving and integrating this data are expensive and scarce, and months-long delays are common. This is one of the biggest reasons why the data integration market is rapidly increasing. And many Fortune 500 companies, including Amgen, HSBC, and JPMorgan Chase, are turning to Prophecy.
Prophecy provides users easy access to corporate data, structured or unstructured, on-premises in the cloud, or both. And its AI-powered visual designer generates standardized, open code that extracts, transforms and delivers the required data. It automatically builds the necessary data pipelines and tests, generates documentation and suggests fixes for errors.
Along with building new pipelines for analytics and AI, organizations use Prophecy to modernize, migrate and consolidate the ones they already have. So far, Prophecy has helped large companies migrate complex production pipelines from tools including Ab Initio, Alteryx, DataStage, Informatica and more.
KEY QUOTES:
“We are thrilled to partner with Prophecy in their mission to revolutionize data engineering and drive efficiency in data operations across industries, including financial services. Their platform is a key enabler in powering the next data stack, leveraging AI to automate complex data workflows for data engineers and business users.”
– Ian Glasner, Group Head of Emerging Technology, Innovation and Ventures, HSBC
“Prophecy is fundamentally changing the way enterprises think about data transformation with a platform that is optimized for modern cloud data platforms and accelerating deployment of AI capabilities. By democratizing data proficiency and access, Prophecy is solving a multi-billion-dollar productivity challenge for enterprise data teams who typically spend 80% of their time preparing data for analytics and AI, rather than implementing it.”
– Burke Norton, co-founder and Managing Director of Smith Point Capital
“Despite decades of investment in desktop and platform tooling and aggressive hiring of hard-to-find data engineers, large organizations still come to us with 12-month backlogs delaying their AI and analytics projects. Prophecy’s holistic approach combines visual design, code and AI to serve data engineers and analysts on a common platform for maximum teamwork and productivity. This new investment will accelerate our roadmap and is already helping us scale to serve more customers in 2025.”
– Prophecy CEO Raj Bains
