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Dremio, the innovation leader in data lake transformation, today announced it has closed a $160 million Series E funding round, bringing the company’s valuation to $2 billion. This preemptive fundraising occurred just one year after a $135 million round led by Sapphire Ventures in January 2021.
The new fundraising round is led by Adams Street Partners with participation from existing Dremio 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 investment will help Dremio accelerate its technology innovation, grow its customer-facing organization, contribute to open-source initiatives, and invest heavily in educating and enabling a growing community of data lake practitioners.
Due to its infinite scalability, low cost, and simplicity of management, cloud data lake storage (S3, ADLS, etc.) has become the destination of choice for storing high volumes of data. However, to analyze that data, legacy approaches required that it first be moved and copied into proprietary data warehouses – a process that can become costly, complex, risky and inflexible. Dremio is a 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.
Rad the full article here on Datanami.