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The new funding round for Dremio comes right after a $70 million Series C round in March 2020. This brings the total amount of funding to just over $260 million.
Tomer Shiran and Jaques Nadeau, who used to work at MapR, started Dremio. Today, the company is announcing that it has raised $135 million in Series D funding. This round comes right after the company’s Series C round, which brought in $70 million in March 2020. This round brings Dremio’s total funding to just over $260 million, and the company says it brings its valuation to $1 billion.
Sapphire Ventures is leading the Series D round, and existing investors Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, Redpoint Ventures, and Cisco Investments are also taking part. Dremio says that the investment will help it grow its customer-facing organization, add to its engineering centers of excellence around the world, contribute to open-source projects, and invest in the education and skills of data lake practitioners.
Apache Arrow is an open-source technology that makes it possible to serialise columnar data in memory. Dremio is the main business behind Apache Arrow. Arrow lets software platforms that work with it share this kind of information without having to decode and re-encode it in their own formats. Arrow gets help from and is used by people from a number of analytics and AI companies. Dremio is also in charge of projects like Gandiva and Nessie that are similar. The company also works to spread the word about Apache Iceberg.
Dremio speeds up interactive queries against data in data lakes by using Arrow and other technologies. The company’s namesake platform was originally designed for data virtualization across multiple data sources, and it can still do that. Because of its new focus on cloud data lakes, this analytics approach can now compete very well with cloud data warehouses. Snowflake and other data warehouse vendors have been getting a lot of attention lately. Dremio’s new funding brings some star power to the data lakeside.
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