Israel-based data analytics software developer SQream Technologies secured $39.4m on Wednesday in a series B-plus round featuring e-commerce firm Alibaba and Sistema VC, the corporate venture capital arm of diversified conglomerate Sistema.
Investment firm Mangrove Capital Partners and family office Schusterman Family Investments co-led the round, which included Hanaco Venture Capital, World Trade Center Ventures, Blumberg Capital and Silvertech Ventures, an affiliate of real estate developer Silverstein Properties.
SQream has built a software platform that leverages graphics processing units to help organisations analyse large swathes of data in a more cost-effective manner without requiring it to be prepared first.
Charlie Federman of Silvertech Ventures and Roy Saar from Mangrove Capital Partners have taken board seats at the company in conjunction with the round, which will support talent acquisition.
Alibaba led SQream’s last round, a $26.4m series B in mid-2018 that was also backed by Sistema VC, Hanaco Venture Capital, World Trade Center Ventures, Silvertech Ventures, Paradiso Ventures and Glory Ventures.
Blumberg Capital had led a $7.4m series A round for the company in 2015 that increased its overall funding to $11m. Its earlier investors also include Granot Ventures.
SQream’s co-founder and chief executive, Ami Gal, said: “The commitment we have received from both new and existing investors in this round, and from our customers, even during such a challenging period, is a strong validation of our vision and market potential.
“We look forward to working together to accelerate our expansion, and to further empower enterprises across the globe with timely and impactful business insights.”
