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dremio 135m sapphire

Dremio 135m sapphire:

Dremio, a pioneer in the transformation of data lakes, revealed today that it has raised $135 million in Series D funding, valuing the business at $1 billion. Hardly nine months had passed since a $70 million deal led by Insight Partners in March 2020 when this proactive fundraising took place.

Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, Redpoint Ventures, and Cisco Investments are among the current Dremio investors that are taking part in the latest financing round, which is being headed by Sapphire Venture. Dremio will benefit from the investment by being able to grow its customer-facing business, establish its technical centers of excellence globally, contribute to open-source projects, and substantially invest in training and supporting a developing community of data lake practitioners.

Cloud data lake storage (S3, ADLS, etc.) has emerged as the go-to option for storing large amounts of data due to its limitless scalability, low cost, and ease of management. Yet in order to evaluate that data, it must first be transferred and replicated into exclusive data warehouses, which may be an expensive, difficult, risky, and rigid procedure. Dremio is an engine that lies between data lake storage and end users that wish to immediately query that data for fast dashboards and interactive analytics without copying the data into data warehouses.

The process of replicating, relocating, and synchronizing data is the difficult tale that comes before the story when it comes to data warehouses, according to Billy Bosworth, CEO of Dremio. “Dremio’s technology fundamentally streamlines workflows and enables analytics on your complete data set, which is kept in native cloud storage and is kept in industry-standard open formats.” Sapphire Ventures’ presence on the investor team makes that feasible, and we are grateful for that.

Dremio has doubled its revenue

The performance, security, governance, and scalability features built into Dremio’s product were designed for the modern enterprise software ecosystem, enabling its expanding clientele across industries, including companies like UBS, NCR, and Henkel, to see how data was queried, transformed, and connected from various sources.

In the past year, Dremio has doubled its revenue, customers, and staff thanks to its breakthrough velocity and close collaboration with key strategic partners like Amazon, Microsoft, and Tableau. Dremio is positioned for hypergrowth in the coming years with a burgeoning clientele globally.

According to Anders Ranum, Managing Director at Sapphire Ventures, “as enterprises use cloud storage platforms like S3 from Amazon Web Services and ADLS from Azure more frequently, they’re looking for ways to use that data where it is and by as many groups as possible in order to make insightful business decisions.” We think Dremio is on the right track to becoming a category-defining business, and we are thrilled to work with Billy and the Dremio team to rethink the cloud data lake and do away with the need for data warehouses.

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