Israeli big data processing software for operating data lakes provider Upsolver has raised $13 million in a series A financing round led by Vertex Ventures US with participation from existing investor Jerusalem Venture Partners (JVP) and Wing Venture Capital. This brings to $17 million the amount raised by the company.
Upsolver will use the funds to accelerate expansion in North America, expand its R&D and customer service teams and enhance its multi-cloud capabilities.
With offices in Israel, California and New York, the company was founded in 2014 by CEO Ori Rafael and CTO Yoni Iny, both graduates of the IDF's 8200 intelligence unit. Upsolver has 22 employees, half of them in Israel and half in the US.
Over the past year, the company has tripled its annual revenue rate and has seen a significant increase in customer use, especially during the Covid-19 period. Customers include Israeli companies such as IronSource, Sisense and Similar Web, plus US-based companies Asurion, Cox Automotive and more. Upsolver is an Amazon Web Services (AWS) Partner Network (APN) Advanced Technology Partner.
Investors include Adler Chomski, Level VC, Taya Ventures and Kobe Marenko - Founder and CEO of Arbe Robotics, Jeff Rothschild - founder of Veritas and first senior technology executive at Facebook, and Sohaib Abbasi - former CEO and chairman of Informatica.
Rafael said, "Big data engineers are a unicorn hire. They should spend their time solving an organization’s hardest data problems instead of performing repetitive tasks like job orchestration, ETLs, and IT management. Upsolver helps automate repetitive tasks with a powerful tool that can be used by existing data practitioners. Our customers see an average of 95% reduction in the data lake management effort."
In Sik Rhee, General Partner and co-founder at Vertex Ventures US and Gadi Porat, Partner at Jerusalem Venture Partners will join Upsolver’s board of directors.
"We see Upsolver creating a cloud-native standard for data lake computing," said Rhee. "Upsolver succeeded in abstracting away the engineering complexity of data pipeline management so that enterprise customers can quickly solve their modern data challenges in real-time and at any scale, without having to build another silo of expertise within the organization."
Porat added, "We believe in Upsolver’s unique solution and the company’s ability to be a leader in the emerging data lake market. We anticipate that the vast majority of enterprise data will be stored in data lakes and that Upsolver will be the platform to make this data easily available in real time. Using familiar data interfaces allows organizations to extend the use of data lakes to their existing data management teams."
Published by Globes, Israel business news - en.globes.co.il - on June 30, 2020
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