Prefect, a data management startup company, announced it raised $32 million to further expand its platform and business operations.
What Is Prefect?
Based out of Washington D.C., Prefect is a startup company that created a hybrid platform for data engineers and scientists that operates and monitors various aspects of dataflow to be automated. The cloud-based platform created by the business, Prefect Cloud, allows for easy, yet secure access to data management and scheduling for app run times.
In addition, the startup lets customers build and test their own open-source workflow in the Prefect Core, a workflow management system. The Prefect Cloud and Prefect Core work in tandem with each other to achieve successful and effective dataflow automation.
The company claims its platform manages about 25 million tasks per month and roughly 2 million workflows per month. Additionally, the business services many big brands in many different industries such as financial services, technology, and beauty and wellness. Some customers of the startup include Apple, Cisco, Capital One, and FabFitFun.
The business announced in late May a new partnership with Microsoft as part of the Microsoft for Startups Program. The program is intended to help accelerate B2B startup companies by providing advice, sales and marketing resources, and encouraging collaboration in the technology community. As part of the partnership, Prefect services will be deployed on Microsoft Azure, a cloud computing service.
$32 Million Series B
The company announced it raised $32 million in a Series B financing round led by Tiger Global Management. Bessemer Venture Partners, Positive Sum, and other undisclosed investors also participated in this round.
With the new capital, Prefect has raised about $46.7 million in total funding. The business raised $11.5 million in a Series A funding round earlier this year.
Founder and CEO of Prefect, Jeremiah Lowin, said in a statement, “Our mission is to help data engineers and data scientists eliminate negative engineering by delivering a world-class orchestration tool for today’s modern data stack...With this new round of financing, we are well-positioned to scale our open-source and commercial offerings to better serve our users and innovate our platform for years to come.”
The press statement added that every quarter since its launch last year, Prefect Cloud usage has increased 130%. Furthermore, the company also marked a significant milestone recently as it processed its 200 millionth task.
With the new capital, the business plans to increase staff and invest in further development of its platform.
Prefect is competing against other dataflow automation companies like Zerion and Mactores. However, the company differentiates itself from these competitors as it holds a significantly larger market share and has a larger customer base under its belt, which is potential proof of the platform’s effectiveness.
This industry has immense potential for growth and opportunities for other startup companies. Statista reported the global data and analytics market was valued at nearly $169 billion in 2018 and is projected to reach about $274 billion by next year — growing at a CAGR of 13.2% during this period.
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.