Dremio, the innovation leader in data lake transformation, today announced it has raised $135 million in Series D funding, bringing the company’s valuation to $1 billion. The round was led by Sapphire Ventures with participation from existing Dremio investors: Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, Redpoint Ventures, and Cisco Investments.
Earlier in March 2020, the startup raised a $70 million round led by Insight Partners.
The startup will utilise the funds to expand its engineering centers of excellence 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.
Commenting on the development, Billy Bosworth, CEO of Dremio, 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,” 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.”
“As enterprises increasingly use cloud storage platforms, such as Amazon Web Services’ S3 and Azure’s ADLS, 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,” said Anders Ranum, Managing Director at Sapphire Ventures. “We believe that Dremio is well on its way to becoming a category-defining company, and we couldn’t be more excited to partner with Billy and the Dremio team on their mission to reimagine the cloud data lake and eliminate the need for data warehouses.”
Founded in 2015, Dremio is headquartered in Santa Clara, CA. Investors include Cisco Investments, Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, Redpoint Ventures, and Sapphire Ventures.
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