Confluent, Inc., the event streaming platform, has announced the closing of a $250 million Series E round led by Coatue Management.
New investors Altimeter Capital and Franklin Templeton joined existing investors Index Ventures and Sequoia Capital who also participated in the round, bringing Confluent’s total funding to $456 million.
The adoption of event streaming as the platform for all current and historical data is rapidly accelerating as demand for real-time digital experiences are higher than ever.
This groundswell of adoption led Confluent to double its annual recurring revenue year over year in 2019 and increase Confluent Cloud revenue more than 450 percent year over year.
The acceleration of event streaming as the data infrastructure for real-time organisations has propelled Confluent’s valuation to $4.5 billion.
“In every industry, companies are moving to real time as they digitally transform their businesses. This has made event streaming a critical platform for enterprise IT,” said Kevin Wang, partner, Altimeter Capital.
“Confluent has the unique product-market fit, leadership, and customer focus to help organizations become agile, event-driven winners in the new digital economy.”
Traditional 24-hour updates from batch-processed data cannot keep up with the speed and personalisation people demand.
Data in motion, otherwise known as event streams, has become the basis of today’s digital experiences. Every change in a bank account, update to a rideshare ETA, or adjustment to a store’s inventory triggers a stream of events. The ability to quickly access and act on these events influences an organisation’s ability to be competitive in the modern digital world.
“Confluent is re-architecting businesses around event streaming which helps to modernize applications,” said Thomas Laffont, co-founder, Coatue Management. “We believe Confluent is a thought leader in event streams and we look forward to seeing how the team advances the space with game-changing products like Confluent Cloud.”
“Today’s high expectations for on-demand services has given rise to a new data infrastructure paradigm where data is no longer just a static database of information,” said Jay Kreps, CEO and co-founder, Confluent.
“Event streaming has set the new standard for how data can be leveraged across an organization as a continuous stream of real-time events. We’re looking forward to helping more companies put event streaming at the heart of their businesses to deliver the real-time, contextual experiences customers demand.”
Over the next eight months beginning in May, Confluent will announce major capabilities or highlight new product announcements on the first Wednesday of each month.