Israeli data analytics company SQream today announced the completion of a $45 million Series C financing round led by World Trade Ventures, with participation Schusterman Investments, George Kaiser Foundation (Atento), Icon Continuity Fund, Blumberg Capital, Freddy & Helen Holdings and others.
Tel Aviv-based SQream, which was founded by CEO Ami Gal and CTO Razi Shoshani, has developed a data and analytics accelerator platform built for big data and AI/ML workloads. The new funds will be used to expand the company's presence in North America, extend strategic partnerships and speed up advancements in AI/ML enterprise capabilities and big data analytics.
The addition of Graphic Processing Units (GPUs) into analytics processes is revolutionizing corporate analytics programs and driving incredible demand for SQream's solution, which significantly accelerates time to value and reduces costs for terabyte-to-petabyte-scale data workloads in AI/ML applications and beyond. SQream's benchmarks consistently return improvements in expanding data capacity while reducing ingestion times by 90%, preparation times by 90%, footprint by 90%, and costs by 80%, all while using familiar SQL processes combined with the power of data parallelism.
Gal said, "As Generative AI shines a light on the importance of leveraging AI and ML within enterprises, as well as the value of GPUs as part of the analytics process, we have seen interest in our technology skyrocket. Companies are very focused on driving analytics maturity right now, and this recent funding round is another step in our mission to better equip our customers with cutting-edge data analytics and processing solutions that empower them to derive meaningful insights from their vast datasets and drive growth in ways previously thought impossible. We are grateful for the trust from World Trade Ventures and for the ongoing support from our investors, especially in a tight funding climate."
SQream's customers include enterprises across a range of industries- including semiconductors, manufacturing, telecoms, financial services, and healthcare - who have already seen the ability of GPU computing to dramatically accelerate their data analytics and AI/ML data pipelining processes.
Published by Globes, Israel business news - en.globes.co.il - on September 12, 2023.
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