“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.”
Billy Bosworth, CEO, Dremio
Dremio closes $70 million in growth funding as a catalyst to steer up its plans for global expansion. This rapid growth became very urgent in wake of a serious demand for cost effective technology to power cloud data lakes. Dremio, is among the top data lake engine companies across the globe. It announces the company has closed $70 million in Series C funding. This round of funding was led by new investor Insight Partners, with participation from its existing investors including Lightspeed Venture Partners, Redpoint Ventures, Norwest Venture Partners , and Cisco Investments. As a result of this, Teddie Wardi, managing director, Insight Partners joins the Dremio Board of Directors with immediate effect.
Dremio is enjoying a very consistent growth since its inception. It has grown annual recurring revenue (ARR) over 3.5x over its previous year value. It has partnered with some of the world’s leading Global 2000 companies to boost their cloud and hybrid data lakes. The company promises to contiune fuelling its remarkable growth with this investment. It aims to put its key focus in expanding product capabilities along with scaling go-to-market and engineering operations across the globe.
Billy Bosworth, CEO, Dremio says, “Data is an integral part of every business, and in today’s market, cost-efficient approaches to data analytics are critical. 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.”
International Data Corporation’s (IDC) Big Data and Analytics Spending Guide, states BDA revenues are bound to maintain this pace of growth throughout the 2018-2022 forecast forecast with a five-year compound annual growth rate (CAGR) of 13.2%. According to IDC, by 2022, worldwide BDA revenue will cross $274 billion. Data lakes help in cost-effective storage solutions of large amounts of data in various formats that is not possible to attain with relational databases and other data stores. Not only that, the exploring rate of data growth across enterprises all over the world coupled with low query performance from traditional SQL engines clealy means access to that data remains quite difficult. It typically results in forcing complex data copying and movement into highly expensive data warehouses and cumbersome data marts. Dremio addresses these challenges by helping data teams significantly decreasing their cloud costs as well as increasing their analytics performance.
Teddie Wardi, Managing Director, Insight Partners says, “Dremio addresses the key challenges enterprises face with data moving to the cloud at rapidly increasing volumes. 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 addresses the key challenges enterprises face with data moving to the cloud at rapidly increasing volumes.
Teddie Wardi, Managing Director, Insight Partners
“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.”
Billy Bosworth, CEO, Dremio
Dremio Data Lake Engine has a unique capability of delivering fast query speeds and a self-service semantic layer that operates directly against data lake storage. As a result, with Dremio, enterprise analytics and data teams are able to connect directly to data sets stored in Amazon Web Services (AWS) S3, Microsoft ADLS, and on-premises Hadoop. All this is done without having to send their data to Dremio or copy and move it into properietary data warehouses.
For further insights in what Dremio’s funding announcements mean to its customers and the company’s product vision, you can visit their official blog here.
“Dremio addresses the key challenges enterprises face with data moving to the cloud at rapidly increasing volumes.
Teddie Wardi, Managing Director, Insight Partners
