Dremio is Swimming Laps Around the Data Lake with $160M Series E, $2B Valuation

SQL analytics engine provider Dremio announced it has closed a $160 million Series E round. Led by Adams Street Partners, the new funding brings the company’s valuation to $2 billion.

Dremio plans to use the new investment funds to “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,” according to their press release.

Data lake storage is an attractive solution for businesses with large volumes of data because of cost savings, scalability, and ease of use. Legacy data management systems have sometimes been expensive and complicated, and there is the risk of losing or corrupting data while copying it into different proprietary data warehouses.

Dremio says its SQL engine is a bridge between a data lake and its end users. The company asserts that with its SQL engine, 80% of a business’s BI workloads can run directly on the data lake without having to create and manage as many data copies.

Dremio was founded in 2015 by Jacques Nadeau and Tomer Shiran. They saw a need for self-service data analytics capabilities for end users and wanted to enable direct queries without the need for long IT wait times. The company’s CEO is data industry veteran Billy Bosworth, who accepted the role in February 2020 and has had a large hand in raising new capital since.

The company claims it has doubled its revenue for several years in a row, and services enterprise customers like Microsoft, Airbus, and HSBC. There is great demand for fast, self-service data analytics with data governance and security capabilities, and cloud data lakes offer a solution.

“The market momentum towards cloud data lakes is now irrefutable,” said Bosworth. “ … 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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