US-based data storage software producer Dremio has completed a $70m series C round featuring Cisco Investments, the corporate venturing arm of networking technology provider Cisco.
Growth equity firm Insight Partners led the round, which included venture capital firms Lightspeed Venture Partners, Norwest Venture Partners and Redpoint Ventures. The company has now raised $115m since it was founded in 2015.
Dremio has created a software platform called Data Lake Engine which applies a semantic layer to data lake storage, where considerable amounts of data are stored in its raw form.
The mechanism allows data analytics teams to connect to the data on cloud platforms without requiring it to be moved to dedicated spaces like data warehouses or cubes.
The funding will support product development in addition to the expansion of the company’s international engineering teams.
Billy Bosworth, Dremio’s chief executive, said: “Data is an integral part of every business, and in today’s market, cost-efficient approaches to data analytics are critical.
“Dremio’s Data Lake Engine makes analytics directly on data lake storage fast, efficient, and secure, which drives down cloud infrastructure costs while giving data consumers what they need, when they need it.”
Cisco Investments had previously provided $5m to allow Dremio to close a series B round already featuring Norwest Venture Partners and existing investors Lightspeed Venture Partners and Redpoint Ventures at $30m in August 2018.
