A leading cloud data warehouse provider, Firebolt has announced a $100 million Series C funding round, reaching a $1.4 billion valuation only twelve months after it emerged from stealth. With this latest funding round, Firebolt has invested $269 million to date.
Firebolt Co-founder and CEO Eldad 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.”
Oversubscription contributed to a quick closing of the funding round. As a result of Alkeon Capital’s vast experience in the data space and its proven track record of working with hyper-growth companies, Firebolt selected them to lead the round. Several existing investors participated in the round, including Sozo Ventures, Glynn Capital, Angular Ventures, Dawn Capital, Bessemer Venture Partners, K5 Global, and TLV Partners.
Abhi Arun, the Managing Partner at Alkeon Capital, said, “We are extremely excited to partner with the world-class team at Firebolt to further support their incredible growth. We’re seeing a shift in the market where every modern app today requires a performant and scalable data infrastructure and we believe that Firebolt is perfectly positioned to lead this segment of the market and become the cloud data warehouse of choice for modern data engineering and dev teams building interactive analytics experiences at scale.”
Firebolt is also announcing the hire of Mosha Pasumansky as its CTO, who was previously a principal developer on Google’s BigQuery team, and the launch of its Seattle headquarters with this new funding round. The Firebolt team, which is largely made up of engineers, has nearly doubled in size in the last six months, growing to 200 people in 25 countries.
Firebolt will be able to take advantage of the growing demand from tech businesses for analytics-enabled solutions thanks to fresh finance. The money will be used to expand the company’s product and technical teams.
The following are some of the key advantages for businesses with expanding data needs:
- Firebolt’s technology enables developers to create and modify data warehouse systems that regularly deliver order-of-magnitude improvements over traditional configurations while consuming less computer power.
- Firebolt is simple to use and scale, allowing users to match any workload with the most appropriate compute resources without having to deal with storage or cluster management issues.
- Firebolt’s technology is targeted to the demands of data application builders, providing them with a comprehensive set of tools to design rich and performant solutions – all while using the power of SQL.