Dremio announced it has raised $135 million in Series D funding, bringing the company’s valuation to $1 billion. This preemptive fundraising occurred just nine months after a $70 million round led by Insight Partners in March 2020.
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.
The investment will help Dremio 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.
Due to its infinite scalability, low cost, and simplicity of management, cloud data lake storage (S3, ADLS, etc.) has become the destination of choice for storing high volumes of data. However, to analyze that data, it first needs to be moved and copied into proprietary data warehouses – a process that can become costly, complex, risky and inflexible.
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.
Dremio has achieved breakout velocity, doubling revenue, customers, and employees in the past year, while working closely with its strategic partners such as Amazon, Microsoft, and Tableau. With a growing list of customers around the world, Dremio is poised for hypergrowth in the years to come.
“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.”