Starburst Data Announces $42M in Series B Funding
BOSTON, June 16, 2020 — Starburst, the Presto company, announced $42 million in Series B financing to unlock the value of data by helping teams access it anywhere. The round follows a $22 million Series A in November 2019, bringing the total venture funding raised for the profitable company to $64 million in only six months. As a part of this round, led by Coatue, General Partner Caryn Marooney will join the board. Previous investor Index Ventures (with partner and board member Mike Volpi) also participated in the round.
Starburst lives at the intersection of analytics and open source, two technology investments that enterprises are prioritizing in the current economy. Born from Presto, an open source technology created to find and analyze data across any source, Starburst is built for enterprises that want fast and affordable access to their data anywhere. Led by an experienced executive team, Starburst has quietly bootstrapped itself to profitability, with an impressive customer roster including organizations like Comcast, FINRA, and Zalando.
“Starburst is both shepherding an open source project and solving a major problem for large companies who need faster access to their data,” said Marooney. “Starburst helps any company realize the benefits of Presto. There are no hard choices for teams to replace their existing technology or move data. Starburst’s early success is compelling and I’m honored to join their board of directors.”
Starburst is seeing significant growth in a challenging period because they solve for speed of data access across any source, while also bringing greater flexibility and cost control to their customers’ data infrastructure. Starburst helps companies get more out of their existing investments while ensuring continuity of data access if organizations choose to upgrade their infrastructure.
“Our mandate is to get the most value out of our data. Starburst is helping us merge our data together so our analytics teams across the enterprise can do their best work,” said Aaron Gregory, VP of Enterprise Data Services at Condé Nast. “Starburst is a great connective tissue layer between all of our data sources and our business intelligence and analytics tools.”
The old way of analyzing data across multiple sources involved moving data into a single source of truth. This approach is costly and difficult to maintain. Starburst bucks this trend by providing a single point of access, letting enterprises access and analyze data anywhere to get immediate answers to critical business questions.
“Companies are tired of technology investments that don’t deliver. In the data management world, technologies are often too expensive, lock in data, and don’t deliver on the speed companies need to make better business decisions,” said Justin Borgman, CEO of Starburst. “We’re at a moment in time where companies need to act quickly on data, while lowering technology costs wherever they can. As an open source analytics company, Starburst is well-positioned to help them do both.”
To learn more about Starburst, join this upcoming webinar featuring Forrester Research: The COVID-19 Impact on Data & Analytics Strategy.
Starburst is on a mission to power analytics anywhere. Founded by the creators of open-source Presto, Starburst unlocks the value of data by making it fast and easy to access anywhere. Starburst is the only commercial open source company that queries data across any database, making it instantly actionable for organizations. With Starburst, teams can lower the total cost of their infrastructure and analytics investments, prevent vendor lock-in, and use the tools that work best for their business.
Coatue is one of the largest technology investment platforms in the world with approximately $18 billion in assets under management. Our dedicated team of engineers and data scientists work closely with investment professionals to add value to founders and executive teams in our portfolio. With venture, growth and public funds, we back entrepreneurs from around the globe and at every stage of growth. A few of our private growth investments have included Airtable, Ant Financial, Anaplan, ByteDance, Chime, Databricks, DoorDash, Instacart, Meituan, Snap and Spotify.