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June 24, 2020

SQream Raises Funds to Expand its Analytics Push

Staff report

via Shutterstock

SQream Technologies, the GPU database vendor, has attracted new investors while adding several financial backers to its board of directors.

The Tel Aviv-based database vendor said Wednesday (June 24) it raised $39.4 million in a Series B+ funding round led by Mangrove Capitol Partners and Shusterman Family Investments. Existing investors include Alibaba Group, Blumberg Capital, Hanaco Venture Capital, Silvertech Ventures, Sistema.vc and World Trade Center Ventures.

The company also said Charlie Federman of Silvertech Ventures and Roy Saar of Mangrove Capital Partners will join its board.

The new investments will be used for recruitment as SQream attempts to accelerate development of its GPU-accelerated cloud analytics platform.

Investors have been steadily pouring funds into the data analytics sector as customers seek to get their arms around ever-expanding data stores fueled by a flood of unstructured data. For example, Dremio, the cloud data lake engine vendor, announced a $70 million funding round in March.

Indeed, the pandemic has had relatively little impact on database and other big data vendors that continue to attract substantial early- and mid-round financing. Earlier in the week, data management for AI vendor Immuta announced a $40 million Series C funding round, bringing its venture capital total to $68.2 million.

According to the VC tracker Crunchbase.com, “big data” startups have so far attracted an estimated $58 billion in venture funding in nearly 9,200 rounds.

SQream’s data acceleration platform is designed to analyze up to petabytes of raw data from Hadoop or other data warehouses and databases.

In April, SQream announced a partnership with Core Scientific to bring GPUs to cloud deployments for machine and deep learning workloads.

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