Lightspeed has been backing outlier management teams building generational companies globally for over 20 years. In the enterprise data space alone, we have had the good fortune of supporting dozens of such category defining companies, including Informatica, Mulesoft, Datorama, Alooma, Grafana, Thoughtspot, Dremio and more.
We first met Matillion’s co-founder and CEO Matthew Scullion and team back in 2017. He had a clear vision to enable enterprises to transform raw data into the refined, analytics-ready data required to support business imperatives around business intelligence, visualisation, artificial intelligence and machine learning. Over the years, we stayed in touch and observed how Matillion grew from a lean team in Manchester with a large vision, to a 250 strong global “#teamgreen” and a cutting edge product servicing a thousand+ enterprises.
Over that time, in our conversations with enterprise data leaders globally we heard repeatedly that in a world where data warehousing has shifted to cloud and onto Snowflake, Amazon Redshift, Microsoft Azure Synapse, Google BigQuery, Delta Lake on Databricks and other cloud vendors, legacy ETL players were failing beyond the point of catching up. We also heard that with its vendor agnostic approach, low/no code interface, deep transformations functionality and a feature rich enterprise grade platform, Matillion has emerged as a preferred cloud-first ETL choice for enterprises such as Amazon, Siemens, Subway, Novartis, Slack and Accenture.
The final element that convinced us to double down on Matillion was the realization that the market scope for ETL is being redefined by enterprise cloud migration. While today’s ETL market comprises mostly legacy on-premise solutions and associated services, much of the tooling is either hand-scripted or was purchased years ago. Hence, as enterprises move their data loads to the cloud, they re-discover the power of cloud-first ETL which enables faster data turnaround times, near real-time access, higher team productivity and efficiency, cross-enterprise involvement, and a lower total cost of ownership. As such, for every five dollars spent on cloud warehousing, companies also spend on average a dollar on cloud-first ETL. Snowflake’s S1 references a $80B TAM, and at 20% “attach rate” the cloud-first ETL market is emerging as what effectively is a brand new, fast growing, $10–15B+ market, with Matillion positioned as a clear leader.
Today, we are excited and honored to announce that Lightspeed Growth led a $100M Series D investment round in Matillion. We are looking forward to building further on this wonderful relationship with Matthew and team, as Matillion cements its position as the de facto ETL standard for global enterprises in a cloud-first world.
Written by Rytis Vitkauskas, Brad Twohig, Yoni Cheifetz, Nnamdi Iregbulem
