Israeli cloud data firm, Firebolt, raised $100 million in a Series C funding round at a $1.4 billion valuation, making it a unicorn – private company valued at over $1 billion – just 12 months after it emerged from stealth mode.
The company announced on Wednesday that the round brought its total funds raised to $269 million.
The company said the new round will enable it to capitalize on the booming demand from software and data engineers to deliver a data warehousing solution that efficiently manages increasingly enormous volumes of data. As such, the company largely aims to expand its product and engineering teams.
“Data is at the core of every app today,” said Eldad Farkash, Firebolt’s co-founder and CEO. “This means that software engineers need to increasingly become experts in data.”
With the market for global cloud analytics projected to grow to $65 billion by 2025, industry leaders are recognizing the need to adjust the cost and improve the performance of cloud data warehouse deployments.
Founded in 2019, Firebolt has been working to build a cloud data warehouse capable of delivering split-second analytic experiences at scale to address the industry’s thus far limited capacity to satisfy the modern needs of applications.
“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,” Farkash added.