Dremio, the data lake engine company, is closing on $70 million in Series C funding, enabling the company to fuel its growth and expand its products.
“Data is an integral part of every business, and in today’s market, cost-efficient approaches to data analytics are critical,” said Billy Bosworth, CEO, Dremio. “Dremio’s Data Lake Engine makes analytics directly on data lake storage fast, efficient, and secure, which drives down cloud infrastructure costs while giving data consumers what they need, when they need it.”
The round was led by new investor Insight Partners, with participation from existing investors Cisco Investments, Lightspeed Venture Partners, Norwest Venture Partners and Redpoint Ventures. Teddie Wardi, managing director, Insight Partners will also join the Dremio Board of Directors.
Dremio has grown annual recurring revenue (ARR) over 3.5x over the past year and partnered with many of the world’s leading Global 2000 companies, to power their cloud and hybrid data lakes.
Dremio’s Data Lake Engine delivers fast query speeds and a self-service semantic layer that operates directly against data lake storage.
With Dremio, enterprise analytics and data teams connect directly to data sets stored in Amazon Web Services (AWS) S3, Microsoft ADLS, and on-premises Hadoop -- without having to send their data to Dremio or copy and move it into proprietary data warehouses.
For more information about this funding announcement, visit www.dremio.com.