The Growing Challenge of App Integration for IT Teams
IT teams today find themselves faced with the daunting task of managing a multitude of tools, apps, and systems. According to Statista, the average company was using 130 software-as-a-service (SaaS) apps as of 2022. However, this volume of software is impacting productivity, with 80% of companies reporting that app integration challenges are slowing down their organization-wide efforts. This leads to data silos and disconnected departments, creating barriers to effective collaboration.
iPaaS: A Cloud-Based Solution for App Integration
To address the app integration challenges faced by organizations, one solution is integration platform as a service (iPaaS). iPaaS is a cloud-based service that helps organizations unify their apps, processes, and data from a single, unified platform. The iPaaS market is already well-established, with revenues reaching $3.47 billion in 2020 and predicted to exceed $9 billion by 2025. A survey conducted in 2021 found that 66% of corporations are investing in iPaaS to tackle their data integration and automation challenges.
Prismatic: Streamlining App Integration for B2B SaaS Companies
Recognizing the complexity of app integration for software companies, Michael Zuercher co-founded Prismatic in 2019. Prismatic is an iPaaS startup that aims to help business-to-business (B2B) SaaS companies connect their products with the existing software used by their customers. Zuercher experienced firsthand the challenges of app integration while bootstrapping his first startup, and he recognized the need for a streamlined solution to help SaaS companies easily connect to third-party software.
Prismatic’s Features and Benefits for SaaS Companies
Prismatic offers a range of features designed to simplify app integration for SaaS companies. These include a low-code integration designer, a native development environment, a management console, and a marketplace where customers can configure and toggle integrations. The platform recently launched an integration designer and expanded its API connectors, focusing on more developer-focused functionality. Prismatic was built specifically to cater to the needs of SaaS companies and includes features like developer-focused tooling, customer-specific configuration, version control, embedding, and scalability.
Prismatic Secures $22M in Series B Funding to Expand and Innovate
In a positive sign of growth and investor confidence, Prismatic recently announced a successful funding round. The startup raised $22 million in a Series B round led by Five Elms Capital, bringing its total funds raised to $29 million. The new investment will be used to grow Prismatic’s team, expand research and development efforts, and enhance its existing tools and software. Prismatic has seen strong, consistent growth throughout 2023, gaining customers ranging from startups to Fortune 100 companies. This funding will help accelerate and expand Prismatic’s efforts to make a significant impact on B2B SaaS teams.
In conclusion, app integration challenges are a significant burden for IT teams, and iPaaS solutions like Prismatic are emerging to address this issue. Prismatic offers a comprehensive platform that streamlines app integration for B2B SaaS companies, enabling them to easily connect with third-party software. With its recent Series B funding, Prismatic is poised to further innovate and expand its offerings, helping SaaS companies overcome their app integration challenges and drive growth.
Analyst comment
Positive news: Prismatic secures $22M in Series B funding to expand and innovate. The funding will be used to grow the company’s team, enhance its tools and software, and accelerate its efforts to address app integration challenges for B2B SaaS companies. This indicates investor confidence and the potential for continued growth in the market.
