Firebolt, A Data Warehouse Startup, Raises $100M At A $1.4B Valuation For Faster, Cheaper Analytics On Large Data Sets

Jan 26, 2022•over 3 years ago

Amount Raised

$100 Million

Description

Israeli startup Firebolt has been taking on Google’s BigQuery, Snowflake and others with a cloud data warehouse solution that it claims can run analytics on large datasets cheaper and faster than its competitors. Now, it is announcing a big round of funding to fuel its big data growth: Firebolt has raised $100 million in a Series C round on a $1.4 billion valuation. It plans to use the money to continue investing in its technology stack, to step up with more business development, and to hire more talent for its team, to meet what it believes are changing tides in the world of data warehousing.

Company Information

Company

Firebolt

About

”The startup claims that its performance is up to 182 times faster than that of other data warehouses with a SQL-based system that works on academic research that had yet to be applied anywhere, around how to handle data in a lighter way, using new techniques in compression and how data is parsed. Fast forward to today, and the company says the concept is gaining a lot of traction with engineers and developers in industries like business intelligence, customer-facing services that need to parse a lot of information to serve information to users in real-time, and back-end data applications. CEO and co-founder Eldad Farkash told me in an interview that most of them are US-based, and that the numbers have grown from the dozen or so that were using Firebolt when it was still in stealth mode (it worked quietly for a couple of years building its product and onboarding customers before finally launching six months ago). In addition, after speaking to a few of my portfolio companies and Firebolt’s initial design partners, it was clear that Firebolt is solving a major pain, so all in all, it was a fairly easy decision. The market in which Firebolt operates is huge if you consider the valuations of Snowflake and Databricks.

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