Philadelphia, PA-based firm Fishtown Analytics has changed its name to dbt Labs, and raised $150m in Series C funding, with which it will accelerate the development of its open-source analytics engineering tool dbt.
The company, which says it aims to help analysts create and disseminate knowledge within organizations, was established in 2016 and has tripled its user base every year since. The latest investment round was co-led by Altimeter and existing investors Sequoia Capital and Andreessen Horowitz. Current investor Amplify Partners also participated.
dbt Labs says its rapid growth is being driven by companies of all sizes shifting to cloud-based data platforms like Snowflake, Google BigQuery, Databricks and Amazon Redshift. CEO Tristan Handy (pictured) comments: 'I worked as a data analyst for decades and was always slowed down by terrible workflows. The shift to powerful, cloud-based data platforms presented an opportunity to finally rethink those workflows. We believed that combining software engineering best practices with the preferred language of data analysts - SQL - would unlock collaboration and speed for data teams. We called this the analytics engineering workflow. We have always believed that solving for the analyst is the secret to unlocking greater productivity on data teams. We're seeing increasing investment in companies and products built on this same thesis'.
Handy says the new money will allow the firm 'to further ramp hiring on product and engineering in order to build the future it has believed in for half a decade'.
Web site: www.dbtlabs.com .
All articles 2006-21 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.