The investment will be used to expand the company's team and footprint in North America, extend AI/ML capabilities, and further solidify SQream's position as a dominant player in the big data & analytics markets
TEL AVIV, Israel, Sept. 12, 2023 /PRNewswire/ -- SQream, the data & analytics accelerator company built for big data and AI/ML workloads, announced today the successful completion of a $45 million Series C financing round. The 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. The latest round will be utilized to further expand the company's presence in North America, extend its strategic partnerships and propel advancements in AI/ML enterprise capabilities and big data analytics.
The industry is witnessing firsthand that legacy data infrastructure cannot keep up with the demand of current analytics projects. Companies are often forced to limit the amount of data that can be analyzed in specific projects, risk that complex analysis cannot be completed in time to drive business decisions, or suffer with reporting latency that threatens user adoption of completed projects. Until now, the only option was to make disproportional investments in hardware and compute resources to get necessary insights. The addition of Graphic Processing Units (GPUs) into analytics processes is revolutionizing corporate analytics programs and driving incredible demand for SQream's solution, which significantly accelerates time to value and reduces costs for terabyte-to-petabyte-scale data workloads in AI/ML applications and beyond.
SQream's benchmarks consistently return improvements in expanding data capacity while reducing ingestion times by 90%, preparation times by 90%, footprint by 90%, and costs by 80%, all while using familiar SQL processes combined with the power of data parallelism.
"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," said Ami Gal, CEO of SQream. "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. We are grateful for the trust from World Trade Ventures and for the ongoing support from our investors, especially in a tight funding climate."
By utilizing the massive and parallel processing capabilities of GPUs, SQream's solution allows companies to process extremely large and complex datasets faster, more cost-efficiently, with a smaller carbon footprint, using less hardware and consuming less energy than conventional big data solutions that rely strictly on CPUs. SQream's patented GPU technology complements almost any data architecture to augment compute power and analytics velocity, breaking through barriers that have hindered analytics success to date while minimizing cost.
"SQream is enabling enterprises to become data-driven and deliver insights at the point of impact where they are needed most, and in their ability to push technological boundaries in the ever-growing analytics and AI/ML spaces," said Abraham Schwartz, partner at World Trade Ventures. "We are thrilled to contribute to SQream's ascent towards reshaping the big data and AI landscape, and look forward to seeing the significant impact they will make in the market, especially in North America, to meet this increasing demand."
SQream's customers include enterprises across a range of industries- including semiconductors, manufacturing, telecomms, financial services, and healthcare - who have already seen the ability of GPU computing to dramatically accelerate their data analytics and AI/ML data pipelining processes.
This news follows on the heels of recent company announcements including joining the Samsung Cloud Platform Ecosystem and the appointment of Deborah Leff, former Global Head of Business Analytics Sales at IBM, as Chief Revenue Officer as part of a strategic initiative to expand the company's presence in the US. To learn more, visit https://sqream.com/.
About SQream
SQream is a data analytics company that helps organizations break through barriers to ask the biggest, most important questions from their data. Our GPU-based technology empowers businesses to overcome dataset limits and query complexity to analyze exponentially more data and get substantially faster insights at dramatic cost-savings. By leveraging SQream's advanced analytics capabilities for AI/ML, enterprises can stay ahead of their competitors while reducing hardware usage. If you want to take your data initiatives to the next level and unlock new insights and opportunities with SQream.
SQream is trusted by leading enterprises including Samsung, LiveAction, Sinch, Orange, AIS, LG and more. To learn more, visit sqream.com or follow us on Twitter @sqreamtech.
SQream Media Contact:
Justine Rosin
Headline Media
justine@headline.media
IL: +972 54 885 9141
US: +1 917 724 2176
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