This news comes on the heels of its Series E round. It plans to use the funds to enhance its technology and support data lake practitioners. Here are the top-line bullets you need to know.
Dremio, a data lake platform, has raised $160M in a Series E. The round drew participation from Adams Street Partners, Cisco Investments, Insight Partners, Lightspeed Venture Partners, and Sapphire Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Dremio enables companies to run business intelligence and analytics directly on cloud data lake storage.
- The company has doubled its revenue for several consecutive years, and the company has accelerated recruitment over the past year.
- The company’s client base includes brands such as Swiss Re, KKR, FactSet, NCR, and Nutanix.
- The startup has an office in Santa Clara, California.
Source: Dremio
WHY DOES THE MARKET MATTER?
- The global data lake market is expected to reach a value of $31.5B by 2027, growing at a CAGR of 20.6%, according to Grand View Research.
- The generation of increasing amounts of data across industries is contributing to market growth.
