Cloud Data Lake focused startup Dremio secured $135 million in Series D

Dremio, a California-based data lake transformation company has now secured $135 million in Series D funding.

Dremio is founded by Billy Bosworth in 2015. It provides a cloud data lake service solution to deliver faster time to analytics, providing data warehouse functionality, eliminating the need for proprietary systems and beyond. 

The system eliminates the need to copy and move data to proprietary data warehouses or create cubes, providing flexibility and control for data analytics with self-service for data consumers.

Its client base includes Henkel, UBS, and NCR with partners such as Tableau, Amazon, and Microsoft.

Billy Bosworth, CEO of Dremio, said, "There is a challenging story before the story when it comes to data warehouses, and that is the process of copying, moving and synchronizing data. Dremio’s technology fundamentally simplifies workflows, allowing analytics directly on your full data set, stored in industry-standard open formats, residing in native cloud storage. We are pleased to have Sapphire Ventures on the investor team to help make that possible."

Anders Ranum, Managing Director at Sapphire Ventures, said, "As enterprises increasingly use cloud storage platforms, such as Amazon Web Services’ S3 and Azure’s ADLS, they’re looking for ways to use that data where it is, and by as many groups as possible in order to make insightful business decisions. We believe that Dremio is well on its way to becoming a category-defining company, and we couldn’t be more excited to partner with Billy and the Dremio team on their mission to reimagine the cloud data lake and eliminate the need for data warehouses."

The latest funding round brings the total valuation of the company to $1 billion.

The round was backed by Sapphire Ventures with participation from Lightspeed Venture Partners, Cisco Investments, Insight Partners, Redpoint Ventures, and Norwest Venture Partners.

The company as of now has plans to use the new funds to expand its engineering centers’ across the globe. Dremio also intends to contribute to open source initiatives, grow its customer-facing organization, and invest in educating and enabling a community of data lake practitioners, notes the announcement.