Dremio, the innovation leader in data lake transformation, this week 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 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.
Dremio’s product was built with performance, security, governance and scalability features for the modern enterprise software ecosystem, allowing its growing list of customers across industries — including brands like KKR, Swiss Re, FactSet, NCR and Nutanix — to see how data was queried, transformed and connected across sources.
Billy Bosworth, CEO of Dremio
The only question left is how quickly customers can take advantage of these modern open data architectures. Our solutions allow you to run lightning fast queries directly on your data lake. They work whether you have data sources in multiple clouds, on-prem, and/or in other SQL databases, and that is what customers find so compelling – we meet them wherever they are in their journey.
