- Dell Technologies Capital, Norwest Venture Partners, and Zeev Ventures led the round
- Meeting the challenge of storing and processing big data is a primary task of CTOs, data engineers, machine-learning developers, and data ops professionals
Treeverse, the creator of lakeFS, the open-source technology that brings streamlined data lifecycle management and version control to data lakes has announced $23 million in funding to date, which will further accelerate the development and adoption of the innovative solution designed for any enterprise data team tasked with managing petabytes or more of data in one shared system. Dell Technologies Capital, Norwest Venture Partners, and Zeev Ventures led the round.
Treeverse CEO and Co-founder Einat Orr said, “We created lakeFS to solve the pain and frustration we knew firsthand as data engineers ourselves. We’re most proud of how lakeFS elegantly solves the file system challenge for data lakes of exponential size and how the growing community around it is involved in finding new ways to leverage lakeFS to improve their data workflows. We plan to use this round of funding to perfect the open-source core capabilities and build a SaaS offering over it that allows fast creation of predefined workflows that are essential for managing an ever-growing amount of data within every enterprise.”
Meeting the challenge of storing and processing big data is a primary task of CTOs, data engineers, machine-learning developers, and data ops professionals. It added that greater and still-growing challenge is how to actually manage an ever-increasing mass of data. Improved processing technologies have many enterprises moving toward data lakes, which store and share all of an organization’s data that is stored and shared in object storage that behaves like a huge shared folder. Due to a lack of manageability tools, most of these data lakes look more like someone’s overcrowded desktop than the organised library we’d all like to imagine.
Dror Nahumi, General Partner, Norwest Venture Partners said, “lakeFS is bringing revolutionary capabilities to enterprise data teams across a wide variety of global industries. In our research, we found point solutions but didn’t encounter another company focusing on the need data engineers have in managing the data lake integrity—how to ensure consistency, reproducibility, understand dependencies, and guarantee data quality. Treeverse is a company built by data engineers to solve the problems data engineers deal with daily. The team at Norwest is thrilled to partner with the company on its journey to bring this technology to some of the world’s leading enterprises and consumer brands.”