Dremio announced today that it has closed a new $70 million-dollar Series C funding round, according to a press release on the company’s website. The round was led by Insight Partners with participation from existing investors as well. The Dremio funding will enable the company to continue to invest in expanded product capabilities, as well as scale its go-to-market and engineering operations around the globe.
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. Dremio was also recently included among CRN’s 100 Coolest Cloud Companies of 2020, an annual list that honors the premier cloud technology suppliers in key categories.
In the blog post Announcing our Series C Fundraise, Dremio CEO Billy Bosworth said: “When you have it [data], you can make clear, informed decisions. When you don’t, you are guessing on top of guessing. In business, data is exploding, and data lake storage (S3, ADLS, HDFS, etc.) has emerged in recent years as the system of record in the enterprise. Dremio’s vision is to help our customers make clear, informed business decisions with that data, by giving them fast, efficient, secure and direct access to it.”