With the emerging advanced technologies taking over the existing ones, an Israel based startup Firebolt, in a recent development, has claimed to be taking over Google’s software- Snowflake, BigQuery and others-with its new cloud data warehouse service provider software.
Reportedly, the new technology by Firebolt affirms to offer solutions that can run analytics on big data sets at faster and cheaper rates, as compared to the other solution providers.
Firebolt has raised $100 million at a valuation of $1.4 billion in a series C funding round. It has been claimed that the firm will use this capital for its technology stack to help collaborate with more business development and to get a more talented team onboard to revamp the face of data warehousing.
The financing tranche was led by Alkeon Capital, along with participation from new backers like Glynn Capital and Sozo Ventures, and existing investors including Angular Ventures, Zeev Ventures, TLV Partners, Dawn Capital, K5 Global, and others.
As per credible reports, Firebolt boasts of big tech conglomerates, customer-facing businesses and business intelligence companies as its customers. Apparently, these businesses need to parse great amounts of information in order to provide information to users in real time and then also operate back-end data applications, for which, they use various vendors to manage their data.
Furthermore, to mark its growth, the company is on a hiring spree and has already on-boarded the biggie from Google in the realm of data analytics, Mosha Pasumansky, as its new CTO.
As per vivid claims, Firebolt has developed SQL-based architecture that manages the challenge of expanded data in organizations by implementing the use of new techniques, which result in reduced costs and increased performance.
It has been further reported that investors are currently ready to invest big on firms which are developing platforms to not only cater to the enterprise data challenge of present day, but also to meet the challenges of tomorrow.