Data acceleration firm SQream has completed a $45 million Series C funding round to help it win more business in the big data analytics and artificial intelligence/machine learning (AI/ML) workload markets.
According to Blocks & Files record-keeping, this round completion takes the company’s publicly declared total funding past the $111 million mark since 2012. The last raise, in 2020, totaled over $39 million. The firm was founded in Tel Aviv, Israel, in 2010.
The latest round was led by World Trade Ventures, with participation from new and current investors, including Schusterman Investments, George Kaiser Foundation (Atento), Icon Continuity Fund, Blumberg Capital, and Freddy & Helen Holdings.
SQream said the new money will be used to further expand its footprint in North America, extend its strategic partnerships, and further develop its capabilities in enterprise AI/ML.
The firm’s relational database management system (RDBMS) is used with third-party graphic processing units (GPUs), with the aim of getting the most out of this hardware, ultimately reducing the amount of hardware that has to be deployed, achieving faster data processing and gleaning quicker analytics results for business users.
“By utilising the massive and parallel processing capabilities of GPUs, SQream’s solution allows companies to process extremely large and complex datasets faster, more cost-efficiently, with a smaller carbon footprint, using less hardware, and consuming less energy than conventional big data solutions that rely strictly on CPUs (central processing units),” the vendor said.
Ami Gal, chief executive officer of SQream, said of the cash injection: “Companies are very focused on driving analytics maturity right now, and this funding round is another step in our mission to better equip our customers with cutting-edge data analytics and processing solutions, that empower them to derive meaningful insights from their vast datasets, and drive growth in ways previously thought impossible.”
He acknowledged the cash had been raised in a “tight funding climate.”
Abraham Schwartz, partner at World Trade Ventures, added: “We are pleased to contribute to SQream’s ascent towards reshaping the big data and AI landscape, and look forward to seeing the significant impact they will make in the market, especially in North America, to meet this increasing demand.”
SQream recently appointed Deborah Leff, the former global head of business analytics sales at IBM, as chief revenue officer as part of its effort to bump up US sales.
The firm’s international customers include Samsung, LiveAction, Sinch, Orange, AIS, Vodafone, and LG. Last year, data systems provider Hitachi Vantara announced a go-to-market alliance with SQream.
