Data analytics specialist Dremio Corp. is now valued at $2 billion, double what it was worth a year ago, after raising $160 million in new funding.
Dremio said in its announcement of the Series E funding round today that Adams Street Partners led the investment. StepStone Group and DTCP participated as well. The three firms were joined by several returning investors including Sapphire Ventures, which led Dremio’s previous funding round.
Santa Clara, California-based Dremio provides a software platform that it describes as a SQL lakehouse engine. The software enables companies to use data they store on platforms such as Amazon S3 to create business intelligence dashboards and run analyses. Dremio says that it has solved several of the challenges historically associated with business intelligence tasks.
One challenge that Dremio addresses for its customers relates to data movement. To analyze records stored in a service such as S3, companies often have to move them to a separate system, usually a data warehouse. The process of moving information to a different system can be highly complicated when a large amount of data is involved, which slows down business intelligence projects.
Dremio’s lakehouse platform allows companies to turn their data into dashboards without moving it. The platform runs directly on services such as S3, removing the need to send records to an external system.
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