Palo Alto-based Striim closed a $50 million Series C as the cloud data integrator looks to keep up triple-digit growth in the burgeoning digital economy.
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Striim helps companies move their data in real-time to the cloud. Moving that data fast only has gotten more important as businesses have needed to shift more processes online and to the cloud, and need to update inventory, payments and more as quickly as possible to keep up with demand.
“Even a few seconds matter,” said founder and CEO Ali Kutay. “If I’m a business and I don’t have my supply chain in order, I can lose that sale to a customer.”
Although the company does not release detailed financial information, Kutay said Striim has grown 100 percent or more the last few years and sees revenue in the “double-digit millions of dollars.”
The new money is planned to expand Striim’s go-to-market push and grow internationally, as well as invest in its platform. The 120-person company now has raised $100 million to date. The new Series C was led by Goldman Sachs Growth Equity, with Summit Partners, Atlantic Bridge Ventures, Dell Ventures and Bosch Ventures also participating.
Striim was founded in 2012, before streaming to the cloud was a big market. The company started out as a “big data” company, but moved into data integration in 2016 when the cloud took hold and big data faded.
Now, with many enterprises going through their own digital transformation, Kutay said he believes the cloud data integration market will be around $10 billion in five years. Last year only accelerated that market, with verticals such as retail, logistics and payments all needing to move and access data from the cloud as fast as possible.
“No one was shopping online this much,” he said. “We think there are significant disruptions happening in a lot of verticals.”
That type of market also brings competition. Kutay said older legacy companies such as Informatica and Talend, as well as newer players such as Matillion — which closed a $100 million last month — and Fivetran compete on some levels in the industry. He added Striim’s real-time capabilities helps separate it from many of the extract, transform, load (ETL) companies in the space.
Despite the competition, Mike Reilly, a vice president at Goldman Sachs Growth Equity, said the firm is thrilled to partner with Ali and Striim’s team, which has a proven and successful track record in the real-time data integration market.
“The company has strong traction with blue-chip customers, a best-in-class partner network, and a differentiated and flexible product offering that suits the needs of its growing enterprise customer base,” he said. “We believe Striim’s approach will allow them to meaningfully outperform its peers over the coming years.”
Illustration: Li-Anne Dias.
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