Firebolt scores funding, advances cloud data warehouse offering
Firebolt has launched a new class of cloud data warehouse as a service and announced $37 million of financing.
The funding included participation from Zeev Ventures, TLV Partners, Bessemer Venture Partners and Angular Ventures.
The need for new data warehousing solutions
The global cloud analytics market is expected to grow to $65B by 2025, with increasing demand driven by vast digitisation and the largest software public offering in history, Firebolt states.
Yet, current cloud data warehouse deployments struggle with performance and high costs, limiting their ability to address the needs of operations and customer-facing analytics.
This issue has long been a pain point for Eldad Farkash and Saar Bitner, the founders of Firebolt.
Farkash, Firebolt's co-founder and CEO, was previously the co-founder and CTO of Sisense, a leading business intelligence product. Bitner, Firebolt's co-founder and COO, served as the GM and CMO at Sisense.
They realised that with terabytes of data, cloud data warehouses could not scale to deliver the performance and efficiency companies needed to power their BI tools and analytics.
The difference of Firebolt
According to Farkash and Bitner, Firebolt is the first cloud data warehouse that delivers a sub-second interactive analytics experience with terabytes to petabytes of data.
It enables analysts, employees and end customers to gain the insights they need without having to wait for the results or worry about costs.
Farkash says, "While companies can store massive amounts of data, most organisations are only able to analyse a fraction of that big data, and often find themselves looking at stale data that does not reflect the current state of their business.
"For companies to flourish today, they need to move fast, and they should not be forced to make data compromises to achieve only a small part of the business value that their data holds.
"With Firebolt, organisations can finally gain the insights they need without breaking the bank."
The benefits of Firebolt
Firebolt delivers key benefits including speed, scalability, and price advantage.
A faster cloud data warehouse: An order of magnitude faster performance at multi-terabyte/petabyte scale that enables anyone to interact with the data with sub-second performance.
End-to-end elastic scale: Built for AWS and with a lean, efficient, SQL query engine, Firebolt decouples storage and compute, allowing users to spin up multiple isolated compute resources on the same database.
Firebolt is the only cloud data warehouse that takes the elasticity of the cloud to new levels by allowing granular control over hardware and scale, for any type of data and analytics and any number of users.
Price-performance advantage: Firebolt enables more users to extract more value through greater efficiency, complete choice of resources, and 100% cost transparency.
Comment from investor Zeev Ventures
Zeev Ventures founding partner Oren Zeev says, "Firebolt created a SaaS product that changes the analytics experience over big data sets.
"The pace of innovation in the big data space has lagged the explosion in data growth, rendering most data warehousing solutions too slow, too expensive, or too complex to scale.
"Firebolt takes cloud data warehousing to the next level by offering the worlds most powerful analytical engine.
"This means companies can now analyse multi-terabyte/petabyte data sets easily at significantly lower costs and provide a truly interactive user experience to their employees, customers or anyone who needs to access the data."