Dremio Nabs $135 Million in Second Funding Round Since March
Dremio has announced new funding in a Series D round worth $135 million, according to a press release on the company’s website. The Dremio funding brings the company’s total raised to more than $250 million since its founding in 2015 and comes on the heels of funding in March 2020. The new capital injection is being led by Sapphire Ventures with participation from existing partners. Dremio will use the funding to expand its engineering centers of excellence and invest in growing a community of data lake practitioners.
Dremio offers a product called Data Lake engine that provides fast query speed and a self-service semantic layer that operates directly against data lake storage. The solution connects to S3, ADLS, Hadoop, or wherever enterprise data resides. Apache Arrow, Data Reflections, and other Dremio technologies work together to hasten query speeds, and the semantic layer enables IT to apply security and business meaning. Users do not have to send data to Dremio or have it stored in proprietary formats to access it.
The capital injection comes after a record year for Dremio, as the data lake tools provider grew its revenue more than three-and-a-half times and partnered with many of the world’s Global 2000 companies. Solutions Review recently named Dremio one of 5 Data Management for Analytics Vendors to Watch, 2021.
In a media statement about the news, Dremio CEO Billy Bosworth said “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. 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 helping to make that possible.”