Data and Analytics Software Firm SQream Raises $45m

Tel Aviv-based data & analytics solutions firm SQream Technologies has raised $45m in a Series C financing round, and will use the funds to expand in North America, extend its strategic partnerships and drive development of its AI/ML enterprise capabilities and big data analytics.

SQream uses patented GPU (Graphic Processing Unit) technology to help clients with 'almost any data architecture' keep up with increasing demand for complex analytics - the firm says legacy data infrastructure otherwise 'cannot keep up'. GPUs offer massive and parallel processing, allowing users to process extremely large and complex datasets - defined as terabyte-to-petabyte-scale data workloads - using familiar SQL processes. Compared with conventional CPU-based big data solutions, SQream says its benchmarks expand data capacity while 'reducing ingestion times by 90%, preparation times by 90%, [carbon] footprint by 90%, and costs by 80%'.

The company recently appointed Deborah Leff, former Global Head of Business Analytics Sales at IBM, as Chief Revenue Officer - part of a strategy to expand the company's presence in the US.

The funding round was led by World Trade Ventures, with participation from new and current investors including Schusterman Investments, George Kaiser Foundation (Atento), Icon Continuity Fund, Blumberg Capital, and Freddy & Helen Holdings.

CEO and co-founder Ami Gal comments: 'As Generative AI shines a light on the importance of leveraging AI and ML within enterprises, as well as the value of GPUs as part of the analytics process, we have seen interest in our technology skyrocket. Companies are very focused on driving analytics maturity right now, and this recent funding round is another step in our mission to better equip our customers with cutting-edge data analytics and processing solutions that empower them to derive meaningful insights from their vast datasets and drive growth in ways previously thought impossible'.

Web site: www.sqream.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.