Varada Secures $7.5M
February 4, 2019
has secured a $7.5 million seed funding round led by Lightspeed Venture
Partners, with participation by StageOne Ventures and F2 Capital. The
round was secured in two phases, with $2.5 million of investment
initially led by StageOne Ventures and F2 Capital last year and the
completion of the round led by Lightspeed Venture Partners, including
existing investors, to expand business operations and development.
Enterprises are seeing exponential growth in the amount of data
generated daily and in the business opportunities that data can enable,
however most of the value of data is untapped, due to the heavy
investment that is required for data infrastructure, data preparation
and simplifying data access.
Additionally, the architecture of most data infrastructures is rooted in
outdated hardware where the main storage media is spinning drives, the
network bandwidth is limited and the I/O latency is high, creating many
limitations that necessitate data preparation.
With the advent of cloud, data lakes are becoming the primary storage
solution for enterprise data, enabling a simple, highly available and
low cost 'source of truth'. Enterprises can store data in a data lake
and worry about its uses later. However, using the stored data to build
data products is challenging, requiring a constant trade-off between
time to market and cost effectiveness.
Varada's on-demand SQL analytics tier allows data practitioners to
define any dataset of interest directly on the data lake, and to analyze
it interactively using SQL or BI tools without the need for data
preparation or modeling. Varada's inline indexing technology can provide
interactive sub-second analytics across any dimension or schema,
directly on petabyte scale data lakes.
"Most of today's' big data software has been designed for decade old
hardware assumptions," said Tal Slobodkin, Managing Partner at StageOne
Ventures. "Varada is unique in its approach, as it leverages the
innovative hardware trends in SSD storage and networking to completely
rethink how analytic software architecture should be built."
"Varada has compiled a stellar team of data storage experts who can tap
into their vast knowledge and experience to alleviate one of the biggest
pain points for data practitioners today," said David Gussarsky, Venture
Partner at Lightspeed Venture Partners. "We invested in Varada because
we truly believe in the team and think they are creating a new standard
for big data infrastructure. We're excited to help them develop and
expand their capabilities."
know firsthand the daily struggle felt by many data practitioners who
are continuously having demands placed on them, often resulting in the
compromising of the quality of their work," said Eran Vanounou, CEO of
Varada. "I have led large data driven global organizations for the past
15 years. When I met Varada's founding team and saw their technology, I
realized immediately it's value for enterprises - it solves the pain
points that many CTOs and CIOs across the industry are experiencing. I
also knew that I wanted to help them bring this technology to market."
Jonny Saacks, Managing Partner at F2 Capital, added: "We're always on
the lookout for disruption in the deep technology arena, and believe
Varada has massive potential to be a real market game-changer."
Varada was founded by Tal Ben Moshe, Roman Vainbrand and David Krakov,
veterans of the Dell EMC XtremIO core team, with the mission to
establish a new data infrastructure which gives data practitioners
complete control over performance, cost and flexibility.