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Today we’re announcing our $160M Series E fundraising round, just one year after our Series D announcement last January. Given we have barely dipped into the funds from our last raise, why raise again so soon? The answer really comes down to momentum and pursuit of serving customers in a very big market.
Since shipping our first product in 2017, Dremio has been growing exponentially as we’ve consistently doubled ARR, employees, enterprise customers, and now, our valuation from $1B to $2B in just the past year. And this year we’ll be releasing significant new innovations that will help our customers realize the full analytics potential of their data, all built on an open architecture. In other words, the momentum isn’t slowing down – it’s accelerating.
With a growing customer base and expanding partner ecosystem, Dremio is in a position to invest aggressively into the massive opportunities ahead of us. That means more innovation, more productivity, more results for our customers. The growth of data and migrations to the cloud show no signs of slowing. There is a growing realization that the architectures of yesterday’s data warehouses cannot meet the needs of tomorrow. There is too much pain associated with the endless data pipelines, copies, and costs of classic approaches. Customers now see that there’s a better way to manage, process and analyze vast amounts of data cost-efficiently and without fear of lock-in. More than any other company, Dremio has built the foundation to meet that vision.
It’s why hundreds of the world’s most innovative and successful companies already use Dremio’s open lakehouse platform, including some of the biggest brands in the world. The reason is that Dremio was built for SQL from the ground up. For example:
This year we’ll bring more innovation to market than we’ve released in the history of the company to date. And we’ll continue to provide education to data practitioners with free virtual events like Subsurface, where open source creators and engineering leaders present on the latest innovations and best practices in the world of modern data architecture.
It’s an exciting time for our customers and our team at Dremio. This fundraising round will further accelerate our innovation and customer delight for many years to come. And even though this is another important milestone in the journey, we really are just getting started. We welcome you to join us on the journey!