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Israel-based cloud data warehouse Firebolt raised a $ 127 million Series B just six months after it closed a $ 37 million Series A and stealthily launched.
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The new round included new investors Dawn Capital and K5 Global, as well as all previous investors including Zeev Ventures, TLV Partners, Bessemer Venture Partners and Angular Ventures. Founded in 2019, the company has raised a total of $ 164 million, all over the past six months.
“The reason we lifted is that there is no reason to wait,†said co-founder and CEO Eldad Farkash.
Firebolt seeks to take advantage of the ever-expanding data and analytics market. It helps businesses using cloud-native data warehouses analyze and use data that resides in large data warehouses like Snowflake and Google’s BigQuery faster and more efficiently without having to move it out of the warehouse. , Farkash said.
“Really nothing changes in the data,†Farkash said. “But the type of users and what they do with the data have changed.”
Expansion
The company plans to double its 100 employees over the next 12 months and add a San Francisco office to its growing list of global offices that include London, Munich, Zurich, Kiev and Cluj, Romania. However, the majority of the funding will go to products and engineering, Farkash said.
Firebolt doesn’t publish a customer number, but Farkash agreed it’s fair to say the company has dozens of paying customers. While it works in conjunction with large cloud-native data warehouses such as Google’s BigQuery, Amazon’s RedShift, and Snowflake, Farkash said they can also provide competition as companies attempt to perform analysis work within these suppliers.
Oren Zeev, founding partner of Zeev Ventures, said the growing market for data warehouses and analytics attracted him to Firebolt and its founding team.
“The market in which Firebolt operates is huge when you consider the valuations of Snowflake and Databricks,†Zeev said. “More importantly, it is growing rapidly as the migration of on-premises data warehouse platforms to the cloud gains momentum and more companies rely on the data for their businesses. operations and create data applications.
Zeev added that he believes Firebolt has what it takes to be a stand-alone independent company.
“He has a very experienced team of seasoned entrepreneurs, he has a grand vision, he is getting significant market traction in the fairly short period of time since launching his platform, and now he also has funding for continue to develop and grow. ,” he said.
Illustration: Li-Anne Dias.
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