Prismatic, an integration platform as a service (iPaaS) startup, has successfully closed a $22 million Series B funding round led by Five Elms Capital. The funding will be utilized to expand the startup’s team, enhance research and development, and further improve its existing tools and software. This achievement comes on the heels of Prismatic’s consistent growth throughout 2023, defying the trend of slowdown experienced by many SaaS companies during the same period.
Key Takeaway
Prismatic, an iPaaS startup, has secured a $22 million Series B funding round to address the pressing need for seamless app integration in the B2B SaaS industry. The funding will be used to expand the team, enhance research and development, and improve existing tools and software.
Addressing the Integration Challenge
With the average company using 130 software-as-a-service (SaaS) apps, the need for seamless app integration has become increasingly critical. According to a recent MuleSoft poll, 80% of companies are facing challenges in integrating apps, leading to data silos and hampering organizational productivity. Prismatic’s co-founder, Michael Zuercher, recognized this issue from his own experience while establishing Zuercher Technologies, a provider of public safety agency software. The company had to develop around 600 integrations to connect with customers’ other software, consuming a significant portion of its resources.
Empowering B2B SaaS Companies
Prismatic’s platform aims to alleviate the integration burden faced by B2B SaaS companies by providing tools to connect apps via integrations and hooks from a single dashboard. The startup offers a low-code integration designer, a native development environment, a management console, and a marketplace for customers to configure integrations. By streamlining the integration process, Prismatic enables SaaS companies to focus on delivering new products to their customers, driving growth and innovation within the industry.
Meeting Market Demand
Prismatic’s success in securing the Series B funding underscores the growing demand for embedded iPaaS in B2B SaaS companies. The platform’s ability to simplify the integration process has resonated with startups and Fortune 100 companies alike, driving annual recurring revenue growth. The funding injection will enable Prismatic to further advance the future of SaaS by empowering teams to remain focused on delivering innovative solutions to their customers.
