Palo Alto – January 22, 2021 – Cooley advised Sapphire Ventures on its lead investment in Dremio’s $135 million Series D funding round, which brought the next-generation data lake engine company’s valuation to $1 billion. Partners Kevin Rooney and Alex Kassai led the Cooley team advising Sapphire Ventures.
Existing investors Insight Partners, Lightspeed Venture Partners, Norwest Venture Partners, Redpoint Ventures and Cisco Investments also participated in the funding round. Dremio will use the new capital to expand its engineering centers of excellence around the globe, grow its customer-facing organization, contribute to open-source initiatives and invest heavily in educating and enabling a growing community of data lake practitioners.
“As enterprises increasingly use cloud storage platforms … 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,” Anders Ranum, managing director at Sapphire Ventures, said in a news release. “We believe that Dremio is well on its way to becoming a category-defining company.”
Due to its infinite scalability, low cost and simplicity of management, cloud data lake storage has become the destination of choice for storing high volumes of data. However, to analyze that data, it first needs to be moved and copied into proprietary data warehouses – a process that can become costly, complex, risky and inflexible. Dremio is an engine that sits between data lake storage and end users who want to directly query that data for high-performing dashboards and interactive analytics, without the need for copying data into data warehouses.
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