Firebolt achieves unicorn status with $1.4 billion valuation, announces $100 million Series C round to support data builders
Demand for the cloud data warehouse’s sub-second analytics experience has skyrocketed since it emerged from stealth in Dec. 2020
Firebolt’s 200 employees, mostly engineers, focus on enabling engineering teams building data applications
Tel Aviv, San Francisco, February 1st, 2022 – Firebolt, the cloud data warehouse for builders of next-gen analytics experiences, today 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.
Alkeon Capital led the round, with participation from Sozo Ventures, Glynn Capital and existing investors Zeev Ventures, Angular Ventures, Dawn Capital, Bessemer Venture Partners, K5 Global and TLV Partners.
With this new investment, 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 dominated by engineers, the Firebolt team has almost doubled in the past 6 months to 200 team members in 25 countries, thanks to its remote first culture.
The new funding will enable Firebolt to capitalize on the exploding demand from tech companies to leverage big data and build data and 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 every software engineer is essentially becoming also a data engineer. We see the role of the data warehouse as the foundation on top of which companies build all kinds of analytics experiences. Firebolt’s 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 digitization. Still, current cloud data warehouse deployments struggle with performance and high costs when it comes to analytics at TB 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, developing the first cloud data warehouse that delivers sub-second interactive analytics experience over terabytes of data.
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, 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.”
Key benefits for companies with growing data needs include:
Extremely fast and hardware efficient: Firebolt sports one of the world’s leading engineering teams in high-performance databases. Its technology consistently presents an order of magnitude performance gain over existing warehouses, while requiring less computing power.
Easy to use and scale: Built on a modern decoupled storage and compute architecture, Firebolt allows its users to easily pair any workload with the right compute resources without having to deal with common challenges around storage and cluster management that typically require extensive engineering maintenance.
Built for modern data engineering & dev teams: Firebolt’s technology is tailored to the needs of data app builders, giving them 100% programmatic control of its platform through APIs and SDKs for developers to create rich data applications. SQL, the common denominator for data professionals, can be used to control everything in the platform.
About Firebolt
Firebolt is the cloud data warehouse for builders of next-gen analytics experiences. Combining the benefits and ease-of-use of a modern architecture with sub-second performance at terabyte scale, Firebolt helps data engineering and dev teams deliver data applications that end-users love.
To learn more, visit Firebolt.io.
About Alkeon Capital
Alkeon Capital is a global investment firm that invests in private and public growth and technology companies and category definers. With more than two decades of experience focusing on People and Innovation, Alkeon works closely with disruptive private companies to help them expand their addressable market, scale efficiently, and seamlessly crossover to the public markets.
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