Dremio Closes $70 Million in Growth Funding to Accelerate Global Expansion
03/26/20, 11:10 AM
Money raised
$70 million
Industry
sales and marketing
Dremio, the data lake engine company, today announced the company has closed $70 million in Series C funding. The round was led by new investor Insight Partners, with participation from existing investors Cisco Investments, Lightspeed Venture Partners, Norwest Venture Partners and Redpoint Ventures. Teddie Wardi, managing director, Insight Partners will also join the Dremio Board of Directors.
Company Info
Additional Info
The company says this preemptive round now brings Dremio’s valuation to $2 billion, up from $1 billion when it raised its Series D round just over a year ago. But he also noted that having raised this much capital, the company now has the runway to weather any potential headwinds in the global markets for quite some time.“I think everybody who studies this even for five minutes understands that there are some questions ahead in terms of inflation and what that’s going to do to tech valuations,” he noted.