Data lake engine startup Dremio closes $70M in growth funding to accelerate global expansion
According to International Data Corporation (IDC) Big Data and Analytics Spending Guide, BDA revenues will maintain this pace of growth throughout the 2018-2022 forecast with a five-year compound annual growth rate (CAGR) of 13.2%. By 2022, IDC expects worldwide BDA revenue will be $274.3 billion.
Data lakes allow for the cost-effective storage of large amounts of data in various formats as opposed to relational databases and other data stores. However, the exploding rate of data growth coupled with low query performance from traditional SQL engines means access to that data remains difficult — typically forcing complex data copying and movement into much more expensive data warehouses and cumbersome data marts. Enter Dremio, a Santa Clara, California-based data lake engine startup that is addressing these challenges by helping data teams drastically decrease their cloud costs and increase their analytics performance at the same time. Dremio provides a new approach to data analytics by helping companies to get more value from their data, h
Today, Dremio announced it has closed $70 million in Series C funding to fuel its rapid growth by investing in expanded product capabilities as well as scaling go-to-market and engineering operations across the globe. The round was led by new investor Insight Partners, with participation from existing investors Cisco Investments, Lightspeed Venture Partners, Norwest Venture Partners and Redpoint Ventures. In conjunction with the funding, Dremio also announced that Teddie Wardi, managing director, Insight Partners will also join its Board of Directors.
Founded in 2015 by veterans of open source and big data technologies Jacques Nadeau and Tomer Shiran, Dremio empowers business users to curate precisely the data they need, from any data source, then accelerate analytical processing for BI tools, machine learning, data science, and SQL clients. Dremio starts to deliver value in minutes, and learns from your data and queries, making your data engineers, analysts, and data scientists more productive. The two co-founders created Apache Arrow before founding Dremio.
Dremio has grown annual recurring revenue (ARR) over 3.5x over the past year and partnered with many of the world’s leading Global 2000 companies, to power their cloud and hybrid data lakes. “Data is an integral part of every business, and in today’s market, cost-efficient approaches to data analytics are critical,” said Billy Bosworth, CEO, Dremio. “Dremio’s Data Lake Engine makes analytics directly on data lake storage fast, efficient, and secure, which drives down cloud infrastructure costs while giving data consumers what they need, when they need it.”
Dremio’s Data Lake Engine delivers fast query speed and a self-service semantic layer operating directly against data lake storage. Dremio eliminates the need to copy and move data to proprietary data warehouses or create cubes, aggregation tables and BI extracts, providing flexibility and control for Data Architects, and self-service for Data Consumers. With Dremio, enterprise analytics and data teams connect directly to data sets stored in Amazon Web Services (AWS) S3, Microsoft ADLS, and on-premises Hadoop — without having to send their data to Dremio or copy and move it into proprietary data warehouses.
“Dremio addresses the key challenges enterprises face with data moving to the cloud at rapidly increasing volumes,” said Teddie Wardi, managing director at Insight Partners. “The open architecture, high performance, and low cost are benefits that all resonate strongly with customers. Catering to the needs of data teams, business users and IT alike, we believe Dremio is a foundational piece in building modern data platforms.”