Tel Aviv-based startup company Varada announced September 15, 2020, Tuesday, that it had successfully raised $12 million in Series A funding round. The startup firm specializes in providing data analytics and data query acceleration services for customers around the globe.
The Series A investment round was led by MizMaa Ventures with Gefen Capital participating in the said funding round. Apart from the leading investors, other existing investors such as F2 Venture Capital, Lightspeed, and StageOne Ventures also participated in the investment round, reports Finsmes.
Founded by David Kravov, Roman Vainbrand, and Tal Ben Moshe, Tech Crunch states Varada’s core concept is geared towards addressing data lakes management with its unique indexing features and capabilities.
It leverages machine learning capabilities or Artificial Intelligence (AI) to determine the workloads being asked for by its clients and indexes the information ahead for future use. At the same time, the company uses AI capabilities to give emphasis and accelerate queries that demand high priority.
Through these, Venture Beat maintains that the Tel Aviv-based startup company can provide a cloud-based and on-demand SQL analytics that clients and businesses alike can use to determine the datasets they need within a particular data lake.
In an interview with Tech Crunch, chief executive officer Eran Vanounou said, “If you think about big organizations and think about the workloads and the queries, what happens during the morning time is different from evening time… We listen to what’s going on and we optimize. We leverage the indexing technology. We index what is needed when it is needed.”
This feature is made possible with its automated deployment via the use of Amazon Web Services and other similar cloud services, reports Venture Beat. This keeps data updated and synchronized across platforms to seamlessly manage information on the said data lake.
With the cash injection given by the companies in the Series A funding round, Venture Beat states the total amount raised by the Tel Aviv startup comes up to a total of $22 million since January 2019.
Following the $12-million cash backing, Varada plans to use the funding to streamline and automate its data lake management system with the use of artificial intelligence. Moreover, Vanounou said that the funding will be used to move forward with its data virtualization platform and its customer availability under its beta testing program.
In addition, Finsmes states that the company intends to use some of the funding towards expanding its reach and operations. Varada currently has its headquarters in Tel Aviv, Israel, and United States offices in the San Mateo, California area.