- Firebolt, the cloud data warehouse for builders of next-gen analytics experiences,announced a $100 million Series C funding round, reaching a $1.4B valuation just 12 months after emerging from stealth mode. This latest round of funding brings its total investment to $269 million. The funding round one of the first after the rapid drop in the NASDAQ of many Israeli companies shows that funding has not been impacted by the drop.
The funding round was heavily oversubscribed and was finalized in record time. Firebolt selected Alkeon Capital to lead the round due to their vast experience in the data space and their exceptional track record in partnering with hyper growth companies. Other participants in the round included Sozo Ventures, Glynn Capital, and existing investors Zeev Ventures, Angular Ventures, Dawn Capital, Bessemer Venture Partners, K5 Global and TLV Partners.
With this new funding round, Firebolt is also announcing the hiring of its CTO, Mosha Pasumansky, who was previously a principal engineer on Google’s BigQuery team, and the opening of its Seattle office. With an employee workforce mostly composed of engineers, the Firebolt team has almost doubled in the past 6 months to 200 team members in 25 countries.
The new funding will enable Firebolt to capitalize on the exploding demand from tech companies to build analytics-enabled products. Funding will primarily be used to further expand its product and engineering teams.
“Data is at the core of every app today,” said Firebolt Co-founder and CEO Eldad Farkash. “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.”
The global cloud analytics market is expected to grow to $65B by 2025, with increasing demand driven by vast digital transformation. Still, current cloud data warehouse deployments struggle with performance and high costs when it comes to analytics at scale, limiting their ability to address the needs of modern data applications.
The growing, pressing need for a data warehousing solution that efficiently manages huge volumes of data has become a top priority for software and data engineers. Firebolt is tackling the biggest challenges in this underserved, yet essential and highly demanding space, by developing a cloud data warehouse that delivers sub-second analytic experiences at scale.
In just over one year of operation, Firebolt has gained strong traction with some of the world’s fastest growing tech companies, providing the builders of data apps with the infrastructure to support their future growth and enable their agility.
“We are extremely excited to partner with the world class team at Firebolt to further support their incredible growth,” said Abhi Arun, Managing Partner at Alkeon Capital. “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.”