Data lake platform Dremio today announced that it has raised a $160 million Series E funding round led by Adams Street Partners.
Existing investors Sapphire Ventures (which also led the company’s $135 million Series D round last year), Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, and Cisco Investments also participated in this round.
The company says this preemptive round now brings Dremio’s valuation to $2 billion, up from $1 billion when it raised its Series D round just over a year ago.
“We live in what’s called the SQL lakehouse world,” explained Dremio CEO Bill Bosworth, who joined the company almost exactly a year ago, after eight years as Datastax’s CEO. “What we do is provide technology that allows end-users to access their data in their data lakes directly via SQL — and they can do this in a way that delivers mission-critical BI. What that means is [we’re] giving you the performance that you need to run things like mission-critical dashboards that have sub-second response time capabilities. You can have thousands of analysts hitting the same datasets at the same time with no performance penalty, we call that high concurrency throughput. This is the area that Dremio has been focused on for some time now. We’re going to continue to take that position to the future with a lot of exciting new growth and capabilities in the coming year.”
Dremio — as well as competitors like Databricks — is playing in a newly invigorated market. While data lakes and data warehouses, for the longest time, looked like they would remain useful for a set of relatively limited use cases, the idea of the lakehouse — which was first popularized by Databricks — is meant to signal that this new class of technologies now allows enterprises to do far more with this data.
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