Prefect Announces $32M Series B Funding Led by Tiger Global to Deliver on Growing Demand for Dataflow Automation
Bessemer Venture Partners joins the round as a new investor to support the global leader in dataflow automation scale its platform, team and fast-growing community of users
WASHINGTON, June 10, 2021 /PRNewswire/ -- Prefect Technologies Inc., the global leader in dataflow automation, today announced $32M in Series B funding, led by Tiger Global with participation from new investor Bessemer Venture Partners, existing investor Positive Sum and others. Highlighting the massive growth opportunity and investor confidence in Prefect, the funding will be used to further innovate on the company's dataflow automation platform, build out its world-class team, and proactively execute its successful product-led growth strategy in support of its fast-growing community of users.
"Prefect has created and scaled the category of dataflow automation, allowing users and organizations alike to streamline their workflows and pipelines," said John Curtius, partner at Tiger Global Management. "Tiger Global is thrilled to provide the resources to help Prefect scale as they continue to grow their community and commercial business."
Prefect is solving a major problem for data engineers and data scientists, revolutionizing the way they manage their workflows and data pipelines. By providing an easy-to-deploy orchestration layer for today's modern data stack, Prefect reduces negative engineering and enables data professionals to effectively double their productivity. As a result, the company is experiencing exponential adoption with Prefect Cloud usage growing 130% per quarter since its public launch in February 2020 and recently surpassing its 200-millionth task processed.
"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," said Jeremiah Lowin, Founder & CEO of Prefect. "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."
Prefect combines the convenience of the cloud with the security of on-prem to meet the needs of companies looking to quickly deploy, monitor and manage their workflows. Since the company's inception, Prefect has helped companies from every industry, including financial services, healthcare, technology, insurance, higher-education, and more, recognize the direct bottom line benefits of being able to quickly deploy, scale, and easily orchestrate their workflows. Prefect's hybrid model means it never receives customer data, ensuring customer code and data is completely private while still delivering an on-prem security experience. This has led a number of companies who have historically rejected traditional SaaS offerings to realize the benefits of Prefect across their organization.
"Prefect is uniquely positioned to serve those at the forefront of the data revolution by providing a world-class experience for developing, testing and running workflows," said Ethan Kurzweil, partner at Bessemer Venture Partners. "Not only are they successfully executing an ambitious product vision, they have scaled a community with members from every corner of the globe."
"Prefect is changing the way data scientists and engineers automate their data, resulting in significant productivity and efficiency gains," said Michael Broukhim, Co-Founder & Co-CEO of FabFitFun. "Any engineer delivering custom code for their organization can easily reap the benefits of Prefect's platform, creating a massive addressable market for the company to capture."
Following the company's new collaboration with Microsoft for Startups, today's funding is the latest proof point in Prefect's continued momentum as the new standard in data flow automation. The funding also marks the second round of investment that Prefect has announced in 2021, with the company's Series A round that totaled $11.5M in February 2021. This new round brings Prefect's total raised capital to $46.7M.
For more information on Prefect, visit: www.prefect.io
About Prefect
As the global leader in dataflow automation, Prefect provides a new dataflow automation platform that reduces engineering time and removes headaches for data engineers and data scientists by automating pipelines and workflows of any complexity. Prefect does so without ever seeing its customers' code to ensure privacy and security while providing visibility into what's running and where issues may arise.
About Tiger Global
Tiger Global Management, LLC is an investment firm that deploys capital globally. The firm's fundamentally oriented investments focus primarily on the global internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Harry's, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes. Tiger Global was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.
Contact:
Hiro Rodriguez
Prefect Technologies
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SOURCE Prefect Technologies
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