SQream raises $39.4 million Series B+ round to grow its data analytics acceleration platform
The last time we wrote about SQream was back in May 2018 when the GPU database startup raised $26.4 million Series B funding led by Alibaba Group. A lot has changed since then. While the COVID-19 pandemic created a major challenge for some companies, SQream continues to experience accelerated growth.
Today, the Tel Aviv, Israel-based tech startup and provider of a data analytics acceleration platform that enables enterprises to gain insights from their massive data stores, announced it has raised $39.4 million in Series B+ funding. The round was led by Mangrove Capital Partners and Schusterman Family Investments, who joined existing investors, including Hanaco Venture Capital, Sistema VC, World Trade Center Ventures, Blumberg Capital, Silvertech Ventures and Alibaba Group. SQream said it will use the new capital infusion to recruit top talent to accelerate advancements in the Company’s technology and cloud innovation, and customer delivery platforms to better serve worldwide demand.
In conjunction with the funding, SQream also announced it is adding veteran investor Charlie Federman from Silvertech Ventures, and leading venture capitalist Roy Saar from Mangrove Capital Partners to its board of directors. This round of financing further underscores both the company’s existing and new investors’ confidence in SQream, and the team’s ability to deliver business critical innovation to leading global enterprises.
Founded in 2010 by Ami Gal, Kostya Varakin and Razi Shoshani, SQream Technologies delivers the most flexible database for huge dataset analytics. Global enterprises use SQream DB to analyze more data than ever before. SQream DB delivers business intelligence acceleration for smart, informed, near real-time time decision making based on large data sets, in the age of immense amounts of data.
SQream Technologies has created SQream DB – a GPU database for analyzing enormous data-sets. With minimum cost, hardware and infrastructure changes required, anyone can ingest, compress, store and analyze enormously large data-sets in near real-time. SQream works using broadly adopted production standards like SQL, Java and Python. Consequently, we integrate easily with industry standard connectors. SQream DB can run on-premise or on the cloud.
“I have watched with enthusiasm the product innovation and resulting customer enthusiasm that SQream has earned from large global customers,” said Charlie Federman, Partner at Silvertech Ventures. “I am excited to be joining SQream’s board of directors at this critical time in its growth into the cloud, and believe that SQream will be a really important vendor for enterprises that need help getting timely critical insights from their data.”
SQream’s data acceleration platform enables the fastest available analysis of hundreds of terabytes to petabytes of raw data from Hadoop or other data warehouses and databases. With SQream in their data pipeline, enterprises gain unrestricted access to their data, and are free to focus on uncovering new business powering insights.
“Given the growth of data, which has been on a rocket-ship trajectory to zettabyte levels due to rapid digitalization, we are just scraping the surface of how companies will be generating value from their data,” said Roy Saar, Partner at Mangrove Capital Partners. “We are impressed by the quality and experience of the management team. We also share the conviction in SQream’s important role in driving business performance and providing a competitive edge. I could not be more excited about SQream’s potential for making a significant impact in the market.”
“From the very beginning, our vision has been to enable enterprises to analyze more of their data much faster, providing better, more accurate and comprehensive business insights,” said Ami Gal, CEO and co-founder of SQream. “We have made our vision a reality by continuously improving our product, and by investing in top developers who enjoy the challenge and motivation of deep tech product innovation.”
“The commitment we have received from both new and existing investors in this round, and from our customers, even during such a challenging period, is a strong validation of our vision and market potential,” noted Gal. “We look forward to working together to accelerate our expansion, and to further empower enterprises across the globe with timely and impactful business insights.”