Dremio, a data analytics storage startup, has raised $70m in a C series round, to fund growth. Total funding stands at $115m.
In a post discussing the new investment, CEO Billy Bosworth wrote: “Dremio’s Data Lake Engine makes analytics directly on data lake storage fast, efficient, and secure, which drives down cloud infrastructure costs while giving data consumers what they need, when they need it.”
Dremio dubs itself a cloud data lake storage company and it aims to replace the traditional extract, transform and load (ETL) method of populating data warehouses. The Santa Clara-based company has built a data lake engine running on AWS and Azure and claims it is more efficient to run the analytics directly on source data in the data lake. (Read our January 2020 profile of Dremio for more technology details.)
According to Bosworth, Dremio has grown annual recurring revenue (ARR) more than 3.5x over the past year. “For startups, fundraises are typically meaningful events; this one will always be special due to the global situation that surrounds us,” he wrote.
The C-round was led by new investor Insight Partners, with participation from existing investors Cisco Investments, Lightspeed Venture Partners, Norwest Venture Partners and Redpoint Ventures.