Fishtown Analytics, the Philadelphia-based firm behind the dbt open-source information engineering instrument, at this time introduced that it has raised a $29.5 million Sequence B spherical led by Sequoia Captial, with participation from earlier traders Andreessen Horowitz and Amplify Companions.
The corporate is constructing a platform that enables information analysts to extra simply create and disseminate organizational data. Its focus is on information modeling, with its dbt tool permitting anyone who is aware of SQL to construct information transformation workflows. Dbt additionally options help for routinely testing information high quality and documenting modifications, however possibly most significantly, it makes use of customary software program engineering strategies to assist engineers collaborate on code and combine modifications repeatedly.
If this all sounds a bit acquainted, it’s in all probability since you noticed that Fishtown Analytics additionally introduced a $12.9 million Sequence A spherical in April. It’s not usually we see each a Sequence A and B spherical inside half a yr, however that goes to indicate how the marketplace for Fishtown’s service is increasing as firms proceed to grapple with easy methods to finest make use of their information — and the way a lot traders wish to be a part of that.
“This was a really productive factor for us,” Fishtown Analytics co-founder and CEO Tristan Useful informed me after I requested him why he raised once more so rapidly. “It’s customary finest apply to do quarterly catch-ups with traders and finally you’ll be able to fundraise. And Matt Miller from Sequoia confirmed as much as one in all these quarterly catch-ups and he shared the 40-page memo that he had written to the Squire partnership — and he got here with the time period sheet.”
Initially, Useful declined. “We’re very bullheaded individuals, I feel, as many founders are. It took some actual reflection and desirous about, ‘is that this what we wish to be doing proper now?’”
Ultimately, although, the staff determined to go forward with this spherical — principally as a result of this spherical allowed the staff to assume long-term and supplied stability and certainty.
One factor Useful has all the time been very clear about is that he didn’t discovered Fishtown to purely construct the most important potential firm however to unravel its customers’ issues, even because the market checked out firms like Databricks and Snowflake — and their monetary success — as potential analogs. “My fear was that the monetary markets had been driving issues that weren’t essentially going to be good for our customers,” Useful mentioned.