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SQL analytics engine supplier Dremio introduced it has closed a $160 million Sequence E spherical. Led by Adams Avenue Companions, the brand new funding brings the corporate’s valuation to $2 billion.
Dremio plans to make use of the brand new funding funds to “speed up its know-how innovation, develop its customer-facing group, contribute to open-source initiatives, and make investments closely in educating and enabling a rising group of knowledge lake practitioners,” in accordance with their press launch.
Knowledge lake storage is a lovely answer for companies with massive volumes of knowledge due to value financial savings, scalability, and ease of use. Legacy knowledge administration methods have generally been costly and sophisticated, and there’s the chance of shedding or corrupting knowledge whereas copying it into totally different proprietary knowledge warehouses.
Dremio says its SQL engine is a bridge between an information lake and its finish customers. The corporate asserts that with its SQL engine, 80% of a enterprise’s BI workloads can run straight on the information lake with out having to create and handle as many knowledge copies.
Dremio was based in 2015 by Jacques Nadeau and Tomer Shiran. They noticed a necessity for self-service knowledge analytics capabilities for finish customers and needed to allow direct queries with out the necessity for lengthy IT wait occasions. The corporate’s CEO is knowledge business veteran Billy Bosworth, who accepted the position in February 2020 and has had a big hand in elevating new capital since.
The corporate claims it has doubled its income for a number of years in a row, and companies enterprise prospects like Microsoft, Airbus, and HSBC. There may be nice demand for quick, self-service knowledge analytics with knowledge governance and safety capabilities, and cloud knowledge lakes supply an answer.
“The market momentum in direction of cloud knowledge lakes is now irrefutable,” stated Bosworth. “ … Our options help you run lightning-fast queries straight in your knowledge lake. They work whether or not you may have knowledge sources in a number of clouds, on-prem, and/or in different SQL databases, and that’s what prospects discover so compelling – we meet them wherever they’re of their journey.”
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