Data exchange is the process of taking data from one place and moving it to another. It might sound simple, but the process can take a long time, especially when you have to ensure the meaning of the data is not altered during the move. In fact, the process can take months, which can impact customer experience. Flatfile is looking to change that by modernizing the data exchange process, cutting down the time needed to import and activate data by months. Read more about the company and its plans for this round of funding in the press release below.
Flatfile, the pioneer of AI-assisted data exchange, today announced $50 million in Series B funding led by Tiger Global. Investors participating include Gradient Ventures, Scale Ventures, Workday Ventures, Afore Capital, and Two Sigma Ventures with angel investors including founding executives and leadership from Airtable, DocuSign, LinkedIn, and Gainsight. Bringing Flatfile’s current total funding to nearly $100 million, the round will enable the company to expand and support its fastest growing segment: global enterprise companies.
Data exchange — the process of taking data from one source and moving it to another — can take thousands of hours to complete. For enterprise companies, this can mean upwards of six months spent reasoning about the data so the content and meaning is not altered during the exchange – causing delayed customer go-lives, cost overruns, and even lost clients. For product-led SaaS, where customers are often forced to learn how to clean and transform their own data, the issue generally presents itself as missed opportunities.
500 software companies already quickly and efficiently acquire data from their customers and partners with Flatfile’s platform. Finally, with Flatfile, businesses can stop getting stalled trying to obtain and import data from the outside. “With Flatfile, we’ve been able to shorten development cycles and increase usability of our data upload functionality to the delight of our customers.” said Ammiel Kamon, CTO of OpenGov, and a Flatfile customer.
“Flatfile is only just at the beginning of its journey to modernize how data is exchanged,” said David Boskovic, Flatfile CEO. “This funding will enable us to continue to grow our engineering team and deliver ready-to-use data across Saas and beyond.”
Soon, Flatfile will release a major update that will enable developers to build directly on top of Flatfile’s underlying platform components — import, match, merge, export — so they can stitch together all the pieces required to move information to and from their system.
“Flatfile is the trusted name for business-to-business data exchange,” said John Curtius, partner at Tiger Global. “Modern data exchange is a mission critical challenge. Flatfile enables businesses to exchange customer data simply, securely, and efficiently with AI-assisted import flows, enabling all parties to accelerate return on investment.”
In just three short years, Flatfile has built incredible momentum with a customer base that includes thousands of developers and 500 companies across the world. The company has completed more than 25 billion data mapping decisions during data exchanges for industry leaders including Sage, ClickUp, Square, AstraZeneca, CBRE and Spotify.
The original press release can be found on PR Newswire.