Dremio, the innovation leader in data lake transformation, 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 new fundraising round is led by Adams Street Partners with participation from existing Dremio investors: Sapphire Ventures, Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, and Cisco Investments. Adams Street Partners is joined by other new investors including StepStone Group and DTCP. 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.
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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.
“The market momentum towards cloud data lakes is now irrefutable,” said 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.”
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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.
Dremio has achieved breakout velocity, doubling revenue for several years in a row, accelerating hiring of employees in the past year, and acquiring some of the biggest enterprise brands in the world, while working closely with its strategic partners such as Amazon, Microsoft, and Tableau. With this investment, Dremio is poised for hypergrowth in the years to come.
“A top priority for every business leader today is to become a data-driven company,” said Brian Dudley, Partner at Adams Street Partners. “But data teams are being asked to do the impossible: provide faster time to insights, make all data consumers more self-sufficient, ensure data governance and security, and promote an open architecture to avoid vendor lock-in, all while reducing infrastructure complexity and costs. We believe Dremio is leading the way to empower companies to become data-driven, and we couldn’t be more excited to partner with Billy and the Dremio team on its mission!”
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