Denver-based Flatfile, which uses artificial intelligence to facilitate the exchange of data between companies, raised $50 million in Series B financing to grow its team of engineers and bring on more customers.
Flatfile's platform automatically learns how imported data should be structured and cleaned, which enables its customers to spend less time fixing errors, the startup said. The latest funding round brings Flatfile to nearly $95 million in total capital raised since its founding in 2018.
Tiger Global led the round. Also participating were Gradient Ventures, Scale Ventures, Workday Ventures, Afore Capital and Two Sigma Ventures. Several angel investors added to the round, including founding executives and leaders from Airtable, DocuSign, LinkedIn and Gainsight.
“Flatfile is only just at the beginning of its journey to modernize how data is exchanged,” Flatfile CEO David Boskovic said in a statement. “This funding will enable us to continue to grow our engineering team and deliver ready-to-use data across [software-as-a-service] and beyond.”
So far, Flatfile has completed more than 25 billion data-mapping decisions for its customers, which include Spotify, Sage, ClickUp, Square, AstraZeneca and CBRE. Thousands of developers and about 500 companies use Flatfile, the startup said. Global enterprise companies are Flatfile's fastest-growing segment, and the startup plans to add more with its infusion of new capital.
The exchange of data between sources can take enterprise companies thousands of hours to complete. The task can cause cost overruns and lost clients, Flatfile said.
OpenGov, a tech company that offers cloud software for public-sector accounting, planning and budgeting, is a Flatfile customer and uses the platform to "shorten development cycles and increase usability of our data upload functionality," its chief technology officer, Ammiel Kamon, said in a statement.
Flatfile previously raised $35 million in a Series A round in March 2021. At the time, the company employed 31 people and was looking to grow its workforce.
“We’re at the forefront of solving a problem that plagues companies in every industry across the globe,” Boskovic said at the time. “This not only creates massive market potential, but also makes for an exciting work environment. Our team is building the technology that will enable and define how nearly every industry adopts software and exchanges data."
Over the past 19 months, Flatline has grown its staff to 75. The startup has taken a remote-first approach to its workforce since before the Covid-19 pandemic, its founders said. Some workers are located in Denver and the rest are spread throughout the country.
Boskovic told TechCrunch that Flatfile's Series B round will give the startup four years of runway and allow it to continue adding to its staff.
Flatfile indicated Tuesday that it would soon release a major update to its platform that would enable developers to build upon the startup's components of importing, matching, merging and exporting data. The update will allow developers to stitch together the pieces they need to move information to and from their system, Flatfile said.
“Flatfile is the trusted name for business-to-business data exchange,” John Curtius, a partner at Tiger Global, said in a statement. “Modern data exchange is a mission-critical challenge. Flatfile enables businesses to exchange customer data simply, securely, and efficiently with AI-assisted import flows, enabling all parties to accelerate return on investment.”
