Dremio, a provider of data lake transformation, has raised $135 million in Series D funding, enabling the company to expand its engineering centers around the globe, grow its customer-facing organization, contribute to open-source initiatives, and invest heavily in educating and enabling a growing community of data lake practitioners.
This recent funding round brings the company’s valuation to $1 billion. The new fundraising round is led by Sapphire Ventures with participation from existing Dremio investors: Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, Redpoint Ventures, and Cisco Investments.
Dremio is an engine that sits between data lake storage and end users who want to directly query that data for high-performing dashboards and interactive analytics, without the need for copying data into data warehouses.
“There is a challenging story before the story when it comes to data warehouses, and that is the process of copying, moving and synchronizing data,” said Billy Bosworth, CEO of Dremio. “Dremio’s technology fundamentally simplifies workflows, allowing analytics directly on your full data set, stored in industry-standard open formats, residing in native cloud storage. We are pleased to have Sapphire Ventures on the investor team to help make that possible.”
Dremio’s product was built with performance, security, governance, and scalability features for the modern enterprise software ecosystem, allowing its growing list of customers across industries—including brands like UBS, NCR and Henkel—to see how data was queried, transformed, and connected across sources, according to the vendor.
For more information about this news, visit www.dremio.com.