Dremio raises $70 million to fuel big data analytics
Dremio, which offers tools that help to streamline and curate data, today announced that it has raised $70 million in equity growth financing. CEO Billy Bosworth says it will fuel the expansion of the company’s product capabilities as well as its go-to-market and engineering operations, which could benefit businesses looking to connect, analyze, and process data while accelerating database queries.
Dremio offers a virtualization toolkit that bridges the gaps among relational databases, Hadoop, NoSQL, ElasticSearch, and other data stores, connecting to business intelligence software as if it were a primary data source and querying it via SQL. The startup’s eponymous platform maintains a catalog of sources, physical and virtual datasets, and data sets’ lineage, making it easy to search and find data sets and see how data are being transformed.
Joining capabilities native to Dremio enable data lakes to benefit from other stores, including Oracle, SQL Server, and PostgreSQL databases. And Dremio automatically detects schemas and supports cloud data lakes in Amazon S3 and other cloud storage providers, leveraging the Apache Arrow data structure to speed up performance by 1,000 times.
Thanks to features like automatic failover, Dremio can automatically select new nodes in the event of node and instance cluster failures. Its dynamic granular access, moreover, delivers programmatic security controls through integration with Kerberos, LDAP, and other centralized providers.
On the AI side of the equation, Dremio taps machine learning to recommend data sets to users and adapt catalogs in response to changes in schema and execution. It also algorithmically caches and indexes metadata as needed, in real time and on the fly.
“We make data accessible to employees. It’s available to anyone who has permission to access it,” Dremio cofounder Tomer Shiran told VentureBeat in a 2018 interview. “We see [AI] as an opportunity to make companies’ experience with data as streamlined as it is in our personal lives.”
Dremio is available in an open source Community edition as well as a commercial Enterprise edition. It runs in the cloud via Kubernetes or in a Hadoop cluster, and subscription pricing scales based on the number of nodes to which Dremio is deployed.
IDC expects the worldwide big data analytics market will be worth $274.3 billion by 2022, and Dremio is a pack leader. Its customers include Microsoft, Pfizer, PricewaterhouseCoopers, UBS, Royal Caribbean Cruises, TransUnion, and The Hartford, among others.
Insight Partners led Dremio’s latest tranche — a series C — with participation from new investor Insight Partners, Lightspeed Venture Partners, Redpoint Ventures, Norwest Venture Partners, and Cisco Investments. (Insight Partners managing director Teddie Wardi will join the company’s board of directors.) It follows a year in which Dremio’s annual recurring revenue grew over 3.5 times, according to Bosworth.
Dremio, which was founded in 2015 by two former MapR employees and which contributes to projects like Parquet, Calcite, and Gandiva, is headquartered in Santa Clara, California. The company has about 100 employees, and it has raised about $115 million to date following a $30 million series B in 2018.
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