Fishtown Analytics, the Philadelphia-based firm behind the dbt open-source information engineering software, right now introduced that it has raised a $29.5 million Collection 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 information. 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 mechanically testing information high quality and documenting modifications, however perhaps most significantly, it makes use of normal software program engineering methods to assist engineers collaborate on code and combine modifications constantly.
If this all sounds a bit acquainted, it’s most likely since you noticed that Fishtown Analytics additionally introduced a $12.9 million Collection A spherical in April. It’s not usually we see each a Collection 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 how you can greatest make use of their information — and the way a lot traders need to be a part of that.
“This was a really productive factor for us,” Fishtown Analytics co-founder and CEO Tristan Helpful instructed me once I requested him why he raised once more so rapidly. “It’s normal greatest follow to do quarterly catch-ups with traders and ultimately you’ll be able to fundraise. And Matt Miller from Sequoia confirmed as much as considered one of these quarterly catch-ups and he shared the 40-page memo that he had written to the Sequoia partnership — and he got here with the time period sheet.”
Initially, Helpful declined. “We’re very bullheaded folks, I believe, as many founders are. It took some actual reflection and interested by, ‘is that this what we need to be doing proper now?’”
In the long run, although, the workforce determined to go forward with this spherical — largely as a result of this spherical allowed the workforce to suppose long-term and offered stability and certainty.
One factor Helpful has all the time been very clear about is that he didn’t discovered Fishtown to purely construct the biggest doable firm however to resolve 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 have been driving issues that weren’t essentially going to be good for our customers,” Helpful mentioned.