Dremio, a Santa Clara, Calif.-based data lake transformation company, raised $135m in Series D funding.
The round, which brings the company’s valuation to $1 billion, was led by Sapphire Ventures with participation from existing investors Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, Redpoint Ventures, and Cisco Investments.
The company intends to use the funds to expand its engineering centers around the globe, grow its customer-facing organization, contribute to open-source initiatives, and invest in educating and enabling a community of data lake practitioners.
Founded in 2015 and led by Billy Bosworth, CEO, Dremio provides a data lake service solution to deliver faster time to analytics, eliminating the need for proprietary systems, and providing data warehouse functionality and beyond. The system 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. .
Customers include brands like UBS, NCR and Henkel, among others and works with its strategic partners such as Amazon, Microsoft, and Tableau.