Data warehouse maker SQream Technologies added a new list of investors in its recent Series B+ funding worth almost $40 million.
The company, which capitalizes on database analytics platform, said it didn’t plan on ‘fundraising’ but as offers turn up, they’re too good to pass up. According to CEO Ami Gal, the original plan was a Series C round that is geared towards the latter part of 2020.
However, with the flush of investors and offers coming in from new and existing investors, the company decided to simply jump on and take advantage of the capital. The funding will help SQream accelerate its product development, recruit more talent, and to expand business growth in the cloud.
The reason for all the buzz is SQream’s innovation on analyzing stored data and turning unwanted dead weight into a profitable endeavor. Making use of Artificial Intelligence (AI) processes and machine learning, the company’s graphics processing unit can speed up response times for massive data.
SQream created a unique database analytics platform to harness the power of GPU and to enable enterprises to maximize their storage. Gal said, “The released version enables accelerated analysis of Big-Data, reduces query times by 80 percent, as well as shortening machine learning and AI processes.”
The Series B+ funding was led by Mangrove Capital and Schusterman Family Investments, joining the investor powerhouse portfolio consisting of Alibaba Group, Hanaco Venture Capital, Sistema VC, World Trade Center Ventures, Blumberg Capital, and Silvertech Ventures.
Part of SQream’s plan is to use the funding to come up with the latest developments that will cater to the needs of small to large-size enterprises. From outweighing the dead data sitting in storage and offering deep insight to make stored data profitable.
The new analytics platform includes a feature to easily integrate Hadoop and data warehouses into it. This will enable accelerated analytics and reduce query times by approximately 80 percent, shortening the time needed to analyze massive data.
The updated data warehouse was launched in 2014, which can store trillions of records and target workloads such as applications. Among speeding up analytics functions, the platform also has useful features like breach detection, infrastructure monitoring, and business intelligence.
CEO Gal claims that the company was ‘riddled with fear and difficulties’ as it expands at the time of a health crisis. However, he said investors showed flexibility and determination to get things done and to seal the deal.