There are not many Israeli companies that can claim to be in direct competition with Amazon, Google and Snowflake. One of the few is cloud data warehouse company Firebolt, which today announced the completion of a $127 million Series B financing round, just a little over two years after it was founded.
Prior to the current financing round, Firebolt had raised $37 million. The current financing round was from new investors Dawn Capital and K5 Global with participation from previous investors Zeev Ventures, TLV Partners, Bessemer Venture Partners, and Angular Ventures.
Firebolt was founded by CEO Eldad Farkash who also founded business analytics company Sisense, which is today a unicxorn, and COO Saar Bitner and Ariel Yershovitz, who no longer works for the company, both members of Sisense's founding team.
Firebolt has 100 employees including 45 in Israel and the remainder in offices in Munich, London, Dublin, Kiev, and Cluj. The company is in the process of setting up a Us headquarters in San Francisco.
Firebolt has built a new kind of cloud data warehouse, which it claims analyzes data more efficiently and cheaply and this is a consequence of the founders' experiences at Sisense where they were dissatisfied with the results of the tools at their disposal. So at Firebolt they have developed a technology that improves the speed of data analysis and takes advantage of the hardware more efficiently, allowing them to analyze larger amounts of data using less cloud computing power and thus cutting costs.
Farkash says that Firebolt's strategy has been not to ask customers to leave the cloud data warehouses of the tech giants but rather to gradually shift use, especially of data that requires swifter analysis.
Published by Globes, Israel business news - en.globes.co.il - on June 24, 2021
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