US-based data storage platform developer Dremio received $135m yesterday in a series D round that included networking technology producer Cisco’s corporate venture capital vehicle Cisco Investments.
VC firm Sapphire Ventures led the round, which was also backed by Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners and Redpoint Ventures. The funding was secured at a $1bn valuation.
Founded in 2015, Dremio provides software that brings an advanced query engine to data lake storage, enabling data analysts and scientists to find data quickly and efficiently.
Billy Bosworth, Dremio’s chief executive, said: “There is a challenging story before the story when it comes to data warehouses, and that is the process of copying, moving and synchronising 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.”
Lightspeed Venture Partners and Redpoint Ventures supplied $15m in series A funding for the company in 2015 before returning for a series B round led by Norwest Venture Partners and backed by Cisco Investments that closed at $30m in 2018.
Insight Partners led Dremio’s $70m series C round in March 2020, participating alongside Cisco Investments, Lightspeed Venture Partners, Norwest Venture Partners and Redpoint Ventures.
