Perhaps the only new age IT sector that has shown investor interest in spite of the worldwide slump in tech investment is artificial intelligence (AI). Atlan, a US-based AI business founded by Prukalpa Sankar and Varun Banka, two Indian entrepreneurs, has secured $105 million in investment from GIC, Singapore's sovereign wealth fund, and Meritech Capital, a co-investor, at a value of $750 million.

The round included participation from returning investors Peak XV Partners and Salesforce Ventures, bringing the five-year-old company's total funding to over $200 million. Atlan is developing an AI and data governance platform.

With the most recent series C round, Atlan has received over $206 million. Its data stack, which bears its name, unites a variety of data from both internal and external sources into a single interface.

Rupert Murdoch's News Corp., market operator Nasdaq, luxury brand Ralph Lauren, and software company Autodesk are among its clients. It had a $50 million financing in March 2022 at a $450 million valuation, with Salesforce Ventures, Insight Partners, and Sequoia Capital India leading the effort.