Israel-based cloud data warehouse Firebolt raised a $127 million Series B just six months after closing a $37 million Series A and launching out of stealth.
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The new round included new investors Dawn Capital and K5 Global, as well as all previous investors including Zeev Ventures, TLV Partners, Bessemer Venture Partners and Angular Ventures. Founded in 2019, the company has raIsed a total of $164 million — all in the last six months.
“The reason we raised is because there is no reason to wait,” said co-founder and CEO Eldad Farkash.
Firebolt is looking to take advantage of the ever-expanding data and analytics market. It helps companies using cloud-native data warehouses analyze and use the data that sits in large data warehouses like Snowflake and Google’s BigQuery more quickly and effectively without having to shift it outside the warehouse, Farkash said.
“Really nothing changes in data,” Farkash said. “But the type of users and what they do with the data has changed.”
The company plans on doubling its 100-person workforce in the next 12 months and adding a San Francisco office to its growing list of global offices that include London, Munich, Zurich, Kiev and Cluj, Romania. However, the majority of the funding will go toward product and engineering, Farkash said.
Firebolt does not release a customer number, but Farkash agreed it is fair to say the company has dozens of paying customers. While it works in conjunction with the large cloud-native data warehouses such as Google’s BigQuery, Amazon’s RedShift and Snowflake, Farkash said they also can provide competition as companies try to perform analytics work inside those providers.
Oren Zeev, founding partner at Zeev Ventures, said that the growing data warehouse and analytics market attracted him to Firebolt and its founding team.
“The market in which Firebolt operates is huge if you consider the valuations of Snowflake and Databricks,” Zeev said. “Even more importantly, it is growing rapidly as the migration from on-premise data warehouse platforms to the cloud is gaining momentum, and as more and more companies rely on data for their operations and are building data applications.”
Zeev added he believes Firebolt has everything it takes to be a standalone independent company.
“It has a highly experienced team of seasoned entrepreneurs, it has a grand vision, it is getting significant traction in the market in the fairly short period of time since it launched its platform, and now it also has funding to continue to expand and grow,” he said.
Illustration: Li-Anne Dias.
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