Data Vantage | Atlan, Honest, Vizzio, Meiro and XSQUARE in focus

4 min readMay 14, 2024

Edition #372, 14 May 2024

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Dear Reader,

Data governance startup Atlan received $104.7 million in Series C funding from Singapore sovereign wealth fund GIC and investment firms Meritech Capital, Peak XV Partners and Salesforce Ventures last week.

GIC alone contributed [redacted] million to the latest round, becoming one of the company’s top institutional shareholders. After the latest financing, Atlan is valued at over $750 million.

Founded by Prukalpa Sankar and Varun Banka, the company offers a solution to help enterprise customers unify their data across warehouses, databases, business intelligence tools, and artificial intelligence (AI) agents. Its clients include Cisco, Autodesk, Unilever, Ralph Lauren, Nasdaq and HubSpot.

According to its last financial statement filed with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), Atlan reported a net loss of [redacted] million and revenue of [redacted] million for the year ended March 31, 2022.

Top shareholders in Atlan


China saw mega deal proceeds triple QoQ in Q1

Greater China-based startups inked 19 mega deals — defined as deals worth at least $100 million — in the first quarter of this year, raising over $14.6 billion in total. These deals accounted for 72.8% of the total proceeds raised in Jan-March 2024, according to the latest report from DealStreetAsia — DATA VANTAGE.

March contributed to the bulk of the mega deal financing, with seven big-ticket investments collectively raising $12.1 billion, per Greater China Deal Review: Q1 2024.

Although proceeds from mega deals in Q1 almost tripled from the previous quarter, the number of such deals dropped by 9.5% sequentially. In fact, the first quarter saw the fewest big-ticket deals since Q1 2020.

Mega deals recorded by Greater China-based firms per quarter

Source: Greater China Deal Review: Q1 2024 Executives at top investment firms, financial services majors, and leading private companies use DATA VANTAGE to make smarter investment decisions in Asia. (See how)

Other updates from DATA VANTAGE

Indonesia-focused fintech firm Honest received [redacted] million from Rakuten Capital, Jetha Global and others last week. The latest funding is understood to be part of the same round in which it had raised capital from Japan’s Orient Corporation (Orico) last year.

Singapore-headquartered customer data platform Meiro received $3 million in pre-Series A funding last week from Wavemaker Partners, AngelCentral, and other investors.

A UAE-based investor has injected [redacted] million into embattled tech startup Vizzio. The latter has seen the exits of investors Singtel Innov8 and Sinovation Ventures this year after its founder found himself in hot water for, among other things, faking a PhD from the University of Cambridge.

Warehouse automation solutions provider XSQUARE received additional capital from Goldbell Corporation and SEEDS Capital last week, bringing its total funding to nearly [redacted] million.

Platform-as-a-service fintech startup iLex received [redacted] million from investors, including [redacted] and QBN Capital, last week.

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