Data copilot company Prophecy announced a $47M 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. The new funding comes on the back of 3.5X revenue growth in FY’24 with 160% net revenue retention from existing customers.
“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,” said Ian Glasner, Group Head of Emerging Technology, Innovation and Ventures, HSBC.
Prophecy is thriving amid 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 to retrieve and integrate this data are expensive and scarce, and months-long delays are common. As a result, the overall Data Integration market grew to over $13B USD in 2023,1 with nearly 70% of spend among large enterprises looking for better ways to unlock enterprise data.
That’s why Fortune 500 companies including Amgen, HSBC and JPMorgan Chase are turning to Prophecy.
Prophecy gives users easy access to corporate data — structured or unstructured, on-premises, in the cloud or both. 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.
“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,” said Burke Norton, co-Founder and Managing Director of Smith Point Capital. “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.”
Many of today’s data integration and ETL tools were developed more than two decades ago. They were built for traditional data warehouses and on-premises deployment, making them a poor fit for today’s cloud data platforms. A 2024 IDC report explained: “Legacy data engineering tools do not work well in modern data environments, and modern data engineers need code-free and code-friendly technologies because data integration and transformation are now occurring at all organizational levels, including in IT and the line of business.”2
In addition to building new pipelines for analytics and AI, organizations use Prophecy to modernize, migrate and consolidate the ones they already have. To date, Prophecy has helped large companies migrate complex production pipelines from tools including Ab Initio, Alteryx, DataStage, Informatica and more.
“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,” said Prophecy CEO Raj Bains. “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.”
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