Dremio, a Santa Clara, Calif. – based data lake transformation company, closed a $160m Series E funding round, bringing its valuation to $2 billion.
The round was led by Adams Street Partners with participation from existing investors Sapphire Ventures, Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, and Cisco Investments. Adams Street Partners is joined by other new investors including StepStone Group and DTCP.
The company intends to use the funds to accelerate its technology innovation, grow its customer-facing organization, contribute to open-source initiatives, and invest in educating and enabling a growing community of data lake practitioners.
The company was founded in 2015 and is led by CEO Billy Bosworth. Dremio is an SQL engine that sits between data lake storage and end users who want to directly query that data for high-performing dashboards and interactive analytics, without the need for copying data into data warehouses, or creating cubes, aggregation tables and BI extracts.
The company serves customers across industries — including brands like KKR, Swiss Re, FactSet, NCR and Nutanix.