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The vendor is raising new money as demand for cloud data platform technology continues to grow as enterprises look to improve business intelligence and data analytics.
Dremio said on Jan. 25 it raised $160 million in a Series E round of funding, giving the data lake platform vendor a valuation of $2 billion.
The new funding came a year after Dremio raised $135 million in a Series D round as the vendor, based in Santa Clara, Calif., continues to build out its data lake platform.
The Dremio platform enables users to use cloud data storage for data lakes, with the ability to organize and query the data for business intelligence, operations and data analytics.
Dremio's funding success is being driven in part by overall market demand and interest in the data lake market. Rival data lake platform vendor Databricks was extremely active last year, raising a striking $1.6 billion in August 2021.
Read the full article here on TechTarget: Search Data Management.