Firebolt Launches New Class of Cloud Data Warehouse with $37m in Funding

https://thefintechtimes.com/firebolt-launches-new-class-of-cloud-data-warehouse-with-37m-in-funding/
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Firebolt, a cloud data warehouse, has unveiled a new class of cloud data warehouse as a service and announced $37 million of financing. Firebolt delivers fast 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.

Firebolt allows companies to analyse much larger volumes of data than previously possible. This dramatically improves the ROI of collecting data and enables a myriad of new data-driven use cases with real business impact. The funding included participation from Zeev Ventures, TLV Partners, Bessemer Venture Partners and Angular Ventures.

The global cloud analytics market is expected to grow to $65B by 2025, with increasing demand driven by vast digitisation and the largest software public offering in history. Yet, current cloud data warehouse deployments struggle with performance and high costs, limiting their ability to address the needs of operations and customer-facing analytics. This issue has long been a pain point for Eldad Farkash and Saar Bitner, the founders of Firebolt. Eldad, Firebolt’s Co-founder & CEO, was previously the Co-founder & CTO of Sisense, one of the leading business intelligence products on the market. Saar, Firebolt’s Co-founder & COO, served as the GM & CMO at Sisense. They realised that with terabytes of data, cloud data warehouses could not scale to deliver the performance and efficiency companies needed to power their BI tools and analytics.

Firebolt is the first cloud data warehouse that delivers a sub-second interactive analytics experience with terabytes to petabytes of data. It enables analysts, employees and end customers to gain the insights they need without having to wait for the results or worry about costs.

“While companies can store massive amounts of data, most organisations are only able to analyse a fraction of that big data, and often find themselves looking at stale data that does not reflect the current state of their business,” said Firebolt Co-Founder & CEO Eldad Farkash. “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, organisations can finally gain the insights they need without breaking the bank.”

Firebolt delivers multiple benefits that companies with growing data need and that existing cloud data warehouses do not provide, including:

  • Fast cloud data warehouse: An order of magnitude faster performance at multi-terabyte/petabyte scale that enables anyone to interact with the data with sub-second performance.
  • End-to-end elastic scale: Built for AWS and with a lean, efficient, SQL query engine, Firebolt decouples storage and compute, allowing users to spin up multiple isolated compute resources on the same database. Firebolt is the only cloud data warehouse that takes the elasticity of the cloud to new levels by allowing granular control over hardware and scale, with the simplicity of a mouse click, for any type of data and analytics and any number of users.
  • 10x price-performance advantage: Firebolt enables more users to extract more value at a fraction of the cost of the alternatives through greater efficiency, complete choice of resources, and 100% cost transparency.

“Firebolt created a SaaS product that changes the analytics experience over big data sets,” Oren Zeev of Zeev Ventures said. “The pace of innovation in the big data space has lagged the explosion in data growth, rendering most data warehousing solutions too slow, too expensive, or too complex to scale. Firebolt takes cloud data warehousing to the next level by offering the world’s most powerful analytical engine. This means companies can now analyse multi-terabyte/petabyte data sets easily at significantly lower costs and provide a truly interactive user experience to their employees, customers or anyone who needs to access the data.”

https://thefintechtimes.com/firebolt-launches-new-class-of-cloud-data-warehouse-with-37m-in-funding/