- Enterprise Presto company Starburst Data announced that it has raised $42 million in Series B funding in order to unlock the value of data by helping teams access it anywhere
Enterprise Presto company Starburst Data announced that it has raised $42 million in Series B funding in order to unlock the value of data by helping teams access it anywhere. And this round of funding follows a $22 million Series A funding round in November 2019. This brings the total venture funding raised for the company to $64 million in just six months. Coatue General Partner Caryn Marooney will join the board in connection with the funding round. Previous investor Index Ventures (with partner and board member Mike Volpi) also joined the round.
Starburst essentially lives at the intersection of analytics and open source: two technology investments that enterprises are prioritizing in the current economy. Created from Presto — an open-source technology created to find and analyze data across any source, Starburst is built for enterprises that want fast and affordable access to their data anywhere. Starburst has been quietly bootstrapping itself to profitability and the company’s customer roster includes Comcast, FINRA, and Zalando.
Starburst has been seeing significant growth in a challenging period because they solve for speed of data access across any source while also bringing greater flexibility and cost control to their customers’ data infrastructure. And Starburst helps companies get more out of their existing investments while ensuring continuity of data access if organizations choose to upgrade their infrastructure.
The old way of analyzing data across multiple sources involved moving data into a single source of truth. And this approach is costly and difficult to maintain.
Starburst bucks this trend by providing a single point of access, enabling enterprises to access and analyze data anywhere to get immediate answers to critical business questions.
Key Quotes:
“Companies are tired of technology investments that don’t deliver. In the data management world, technologies are often too expensive, lock in data, and don’t deliver on the speed companies need to make better business decisions. We’re at a moment in time where companies need to act quickly on data while lowering technology costs wherever they can. As an open source analytics company, Starburst is well-positioned to help them do both.”
-Justin Borgman, CEO of Starburst
“Starburst is both shepherding an open source project and solving a major problem for large companies who need faster access to their data. Starburst helps any company realize the benefits of Presto. There are no hard choices for teams to replace their existing technology or move data. Starburst’s early success is compelling and I’m honored to join their board of directors.”
– Coatue General Partner Caryn Marooney
“Our mandate is to get the most value out of our data. Starburst is helping us merge our data together so our analytics teams across the enterprise can do their best work. Starburst is a great connective tissue layer between all of our data sources and our business intelligence and analytics tools.”
– Aaron Gregory, VP of Enterprise Data Services at Condé Nast
