Dremio, a Santa Clara, Calif.-based data lake engine company, closed a $70m 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.
The company intends to use the funds to invest in expanded product capabilities as well as scale go-to-market and engineering operations across the globe.
Founded in 2015 and led by Billy Bosworth, CEO, Dremio provides a data lake engine that delivers fast query speed and a self-service semantic layer operating directly against data lake storage. It 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. 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.
The company has grown annual recurring revenue (ARR) over 3.5x over the past year partnering with many of the world’s leading Global 2000 companies, to power their cloud and hybrid data lakes.