Israeli cloud data warehouse company Firebolt has announced the completion of a $100 million Series C financing round at a company valuation of $1.4 billion. This brings to $269 million, the total amount raised by the company.
There is a vital need for a data warehousing solutions that efficiently manage huge volumes of data and this has become a top priority for software and data engineers. Firebolt has developed a cloud data warehouse that delivers sub-second analytic experiences at scale and seeks to compete wth US giant Snowflake (NYSE: SNOW), which has a market cap of $82.4 billion.
Firebolt was founded by CEO Eldad Farkash who also founded business analytics company Sisense, and COO Saar Bitner and Ariel Yershovitz, who no longer works for the company, both members of Sisense's founding team.
Farkash said, "Data is at the core of every app today. This means that software engineers need to increasingly become experts in data. We see the role of the data warehouse as the foundation on top of which companies build a multitude of analytic experiences. Our purpose is to push the boundaries of what can be done with analytics and allow companies to leverage data into previously unreachable territories."
Firebolt said that it has 200 employees in 25 countries and has doubled its workforce over the past year.
The financing round was led by Alkeon Capital with the participation of Sozo Ventures, Glynn Capital, and existing investors Zeev Ventures, Angular Ventures, Dawn Capital, Bessemer Venture Partners, K5 Global and TLV Partners.
Published by Globes, Israel business news - en.globes.co.il - on January 26, 2022.
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