The new round comes as the company has doubled its revenue for several years running and has more than quadrupled its workforce since 2020.
Dremio Inc. has a bunch of new cash to promote and develop its data analysis service.
The Santa Clara company, which helps businesses run queries on large pools of raw data, raised $160 million in a Series E funding round, it announced Tuesday. The investment doubled its valuation to $2 billion. The new funding round comes as Dremio has repeatedly doubled its revenue for several years running.
Dremio's service can analyze information stored in so-called "data lakes" without needing to copy over the data. The company designed its service so it be used when the data is stored in multiple clouds, on a client's own computers or in other databases.
"That is what customers find so compelling — we meet them wherever they are in their journey," CEO Billy Bosworth said in the funding announcement. "Our solutions allow you to run lightning fast queries directly on your data lake."
Dremio didn't raise its latest round because it was low on cash, Bosworth told the Business Journal. Instead, both this investment and the $135 million round it raised last January were the result of "inbound interest" from investors, he said.
Read the full article here on Silicon Valley Business Journal.
