Firebolt raises $127 million Series B to redesign the cloud data warehouse
The Israeli startup Firebolt which has built the world’s fastest cloud data warehouse, has raised $127 million in a Series B funding round. Backers of the round include existing investors Zeev Ventures, TLV Partners, Bessemer Venture Partners and Angular Ventures along with new investors Dawn Capital and K5 Global also seeing participation. These fresh funds are bringing the total raised by Firebolt to $164 million with its total valuation remaining undisclosed. The company will use these funds to improve its product and expand its team even further.
Founded in 2019 by Ariel Yaroshevich, Eldad Farkash and Saar Bitner, Firebolt has built its platform to allow fast and efficient analytics. Their software as a service solution delivers fast query performance as well as combines simplicity, elasticity, and low cost of the cloud with the innovation in analytics. It is built for AWS and with an efficient SQL query engine that separates storage and computes, allowing users to spin up multiple isolated resources on the same database. Companies that utilize Firebolt’s data warehouses in weeks, deliver multi-terabyte and petabyte-scale for interactive, high-performance analytics, which enables analysts, employees, and customers to analyze larger volumes and improve the ROI of collecting data.
“How do I migrate to the cloud and deal with scale” as addressed by Farkash without adding more cloud capacity and thus leaving the cost-efficient zone, was Firebolt’s biggest challenge. By taking a different approach would also give the desired solution as explained by Farkash: “We see Firebolt as the new entrant in that space, with a new take on design on technology. We change the discussion from one of scale to one of speed and efficiency.”
Over the past six months, Firebolt has doubled its employee headcount to 100 with plans to double again over the next 12 months. In addition to the strong growth in the U.S., Firebolt added 6 global sites with Munich, Zurich, London, Dublin, Kiev, and Cluj joining its site in Tel Aviv as well as some of the world’s most sophisticated tech companies as its clients.
“Companies are developing data applications more than ever before – which require a high level of performance that is not readily available,” said Firebolt Co-founder and CEO Eldad Farkash. “Firebolt takes out the grueling pain from the entire process, making it possible for engineers to develop interactive data applications that deliver fast performance over extremely large data sets. Developers can finally develop data-related features at unheard-of speeds.
Source: FIREBOLT “Firebolt Ignites Growth with a $127M Series B Funding Round”