The data lake transformation business Dremio, based in Santa Clara, California, closed a $160 million Series E fundraising round, raising its worth to $2 billion.
With current investors Sapphire Ventures, Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, and Cisco Investments joining in, Adams Street Partners led the round. DTCP and StepStone Group are two other new investors who have joined Adams Street Partners.
The company plans to use the capital to expand its customer-facing organization, accelerate its technological innovation, support open-source projects, and invest in training and enabling a burgeoning community of data lake practitioners.
CEO Billy Bosworth created the business in 2015, and he is in charge of it. Dremio is a SQL engine that sits between data lake storage and end users who want to directly query that data for high-performing dashboards and interactive analytics. This eliminates the need to copy data into data warehouses, create cubes, aggregation tables, and BI extracts, as well as the time-consuming process of copying data into these structures.