Data lake transformation startup Dremio, situated in Santa Clara, California, secured 135m series sapphire ventures in Series D funding.
Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, Redpoint Ventures, and Cisco Investments, in addition to other current investors, participated in the round, which increased the company’s valuation to $1 billion. Sapphire Ventures served as the round’s lead investor.
In addition to growing its customer-facing organisation, contributing to open-source projects, and investing in teaching and enabling a community of data lake practitioners, the firm plans to utilise the capital to expand its engineering centres across the world.
Dremio, a company founded in 2015 and run by CEO Billy Bosworth, offers a data lake service solution to reduce the time it takes to perform analytics, do away with the requirement for proprietary systems, and offer more than just data warehouse functionality. By doing away with the requirement to build cubes, aggregation tables, and BI extracts as well as copy and move data to exclusive data warehouses, the technology gives data architects more freedom and control while also enabling self-service for data consumers.
Among its clients are companies like UBS, NCR, and Henkel, and it collaborates with important partners like Amazon, Microsoft, and Tableau.
