Dremio Closes $70M in Growth Funding to Accelerate Global Expansion
SANTA CLARA, Calif., March 26, 2020 – Dremio announced the company has closed $70 million in Series C funding. 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. With this investment, the company will continue fueling its rapid growth by investing in expanded product capabilities as well as scaling go-to-market and engineering operations across the globe.
“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.”
According to International Data Corporation (IDC) Big Data and Analytics Spending Guide, BDA revenues will maintain this pace of growth throughout the 2018-2022 forecast with a five-year compound annual growth rate (CAGR) of 13.2%. By 2022, IDC expects worldwide BDA revenue will be $274.3 billion. Data lakes allow for the cost-effective storage of large amounts of data in various formats as opposed to relational databases and other data stores. However, the exploding rate of data growth coupled with low query performance from traditional SQL engines means access to that data remains difficult – typically forcing complex data copying and movement into much more expensive data warehouses and cumbersome data marts. Dremio is addressing these challenges by helping data teams drastically decrease their cloud costs and increase their analytics performance at the same time.
“Dremio addresses the key challenges enterprises face with data moving to the cloud at rapidly increasing volumes,” said Teddie Wardi, managing director at Insight Partners. “The open architecture, high performance, and low cost are benefits that all resonate strongly with customers. Catering to the needs of data teams, business users and IT alike, we believe Dremio is a foundational piece in building modern data platforms.”
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 what Dremio’s funding announcement means to its customers and the company’s product vision, visit the Dremio blog.
Dremio’s Data Lake Engine delivers fast query speed and a self-service semantic layer operating directly against data lake storage. Dremio eliminates the need to copy and move data to proprietary data warehouses or create cubes, aggregation tables and BI extracts, providing flexibility and control for Data Architects, and self-service for Data Consumers. For more information, visit www.dremio.com.
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software companies that are driving transformative change in their industries. Founded in 1995, Insight currently has over $20 billion of assets under management and has cumulatively invested in more than 300 companies worldwide. Our mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.