Israel-based analytics engine startup company Firebolt announced Wednesday, December 9, 2020, that it had successfully raised $37 million in its Series A funding round. Alongside this, the company also announced its warehouse as a service as it gears to take on big names in the industry.
The Series A investment round was led by Zeev Ventures, TLV Partners, Bessemer Venture Partners, as well as Angular Ventures.
Launched in 2018 by SiSense veterans CEO Eldad Farkash, COO Saar Bitner, and CTO Ariel Yaroshevich, Tech Crunch states the two initially founded the company in the hopes of providing a data warehouse that works more efficiently and can go head-in-head against other data enterprise analytics companies for a much lower price.
The Tel Aviv-based startup’s platform runs exclusively on Amazon Web Services (AWS). Venture Beat states that Firebolt’s platform makes for a more efficient way to scale up or down depending on the company’s needs based on its shared-nothing architecture.
In its press release, the company claims that it “delivers the fastest analytics performance – up to 182 times faster than other data warehouses – for the most challenging data requirements at the multi-terabyte and petabyte-scale, enabling higher performance with fewer cloud resources.”
Among the benefits that Firebolt claims to provide its users, apart from speed in its warehouse service, are its end-to-end elastic scale as well as lower costs without sacrificing the quality.
Firebolt’s unparalleled performance in the industry allows it to analyze more information efficiently compared to other firms on the market, allowing it to make an impact on businesses that leverage its technologies. Furthermore, it offers a more interactive experience to employees and customers alike.
To deliver such solutions to its partners, Venture Beat shared that Firebolt uses a variety of technologies and combines it together to achieve its desired outcome. It reportedly leverages the likes of columnar data structures, vectorized processing, and SIMD utilization.
In a statement in its press release, CEO Farkash said, “For companies to flourish today, they need to move fast, and they should not be forced to make data compromises to achieve only a small part of the business value that their data holds. With Firebolt, organizations can finally gain the insights they need without breaking the bank.”
According to Tech Crunch, the startup reportedly plans to allocate the funding towards its product research and development and to boost its market efforts in bringing more customers.
