Company to expand open source platform and introduce new SaaS offering; technology solves development complexity with “headless” analytics API
Cube Dev, the open-source company behind the popular Cube.js data tool, announced $15.5 million in funding to scale go-to-market activities and accelerate the development of its first commercial product that helps customers build applications powered by cloud data warehouses with greater speed and flexibility.
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“Big data is only a powerful weapon when it can be placed in the hands of users”
Decibel led the Series A round with Bain Capital Ventures, Betaworks and Eniac Ventures participating, bringing Cube Dev’s total funding to $23.6 million.
When companies build data applications such as metrics dashboards or customer-facing analytics features, their developers must solve technical issues including SQL generation, query orchestration and acceleration, security, consistent metrics definitions and API design. As an alternative to building and maintaining these solutions, Cube Dev offers a headless abstraction layer between cloud data warehouses and data applications. This dramatically reduces application development time from weeks to hours.
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“Big data is only a powerful weapon when it can be placed in the hands of users,” said Jon Sakoda, founder and managing partner of Decibel, who will join Cube Dev’s board of directors. “Every application needs access to data from cloud data warehouses, but very few developers have the time to learn the technical skills required for complex data engineering. Cube Dev’s headless analytics API makes it possible for application developers to accelerate the development and deployment of applications leveraging cloud data platforms. We’re thrilled to work with such a talented team as they expand their product portfolio and rapidly growing open source community.”
Cube Dev has quickly become an emerging leader in open source data access, aggregation and acceleration tools, garnering over 10,000 stars on GitHub for its Cube.js platform, which has been installed on more than 200,000 servers including at numerous Fortune 500 firms.
Demand for these kinds of capabilities continues to grow, as analysts forecast the global cloud database and DBaaS market size to grow from USD 12.0 billion in 2020 to USD 24.8 billion by 2025, a Compound Annual Growth Rate (CAGR) of 15.7%.1
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“Investors see cloud data warehouses as the future of Big Data, and are rapidly investing in tools that help businesses build innovative data applications on these new platforms,” said Artyom Keydunov, Co-Founder & CEO of Cube Dev. “We’re proud to be on the leading edge of technologies that help companies achieve those goals, and to be working with the team at Decibel to leverage their experience and expertise in this space.”
Customer demand for Cube Dev’s technology is high, with early success stories that include Simon Data, the customer data platform; COTA, the healthcare technology firm; Cyndx, the financial services analytics tool; and Jobber, the management software for small home service businesses.
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“Our predictive analytics tools help the world’s largest financial services companies identify emerging companies, growth opportunities and other investment opportunities,” said Sebastian Okser, Chief Technology Officer at Cyndx. “We compared the full spectrum of business intelligence tools, but none of them provided the flexibility that allows users to dig deeper and customize analytics for their organizations that Cube Dev does.”
Cube Dev also announced the appointment of two executives to support the company’s commercial expansion. Jonathan E. Cowperthwait joins as Head of Marketing, having previously served as Vice President of Marketing at npm, the world’s largest open source registry; and Jordan Philips joins as Head of Revenue Operations, having most recently served as Head of Revenue Operations and Go-To-Market Strategy at Dashbase (now Cisco AppDynamics).
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