Big data software developer Striim has raised $50 million in a Series C round of financing, the company said this week.
The additional funding comes as the Palo Alto, Calif.-based company prepares to roll out a data integration managed service based on its real-time data integration technology.
Striim develops the Striim platform, real-time streaming data software that enables continuous data ingestion, data stream processing and data delivery across diverse systems in the cloud or on-premises. The system continuously processes high volumes of streaming data from diverse sources to support multi-cloud and hybrid-cloud infrastructure.
A business or organization, for example, could use Striim’s technology to stream live data from a database supporting on-premises ERP applications to a Snowflake cloud data warehouse for data analysis tasks.
“From day one, our vision has been to enable access to real-time data at enterprise scale – across massive, heterogeneous environments. We are seeing firsthand the tremendous rate at which the world’s largest enterprises are joining the digital-first economy through the adoption of modern data platforms especially in the cloud.” said Ali Kutay, Striim founder and CEO, in a statement.
The new round brings Striim’s total financing to $108.5 million, according to Crunchbase. Striim was founded in 2012.
The funding round was led by Goldman Sachs Growth Equity with participation by Summit Partners, Atlantic Bridge Ventures, Dell Ventures and Bosch Ventures. Former Microsoft executive Bob Kelly, an operating partner at Goldman Sachs, will join Striim’s board of directors.
“Ali and the team are world class, and what they have built and are scaling is in one of the hottest spaces in enterprise tech – modernizing the data stack for real time business needs,” Kelly said in a statement. “The team’s prior successes and Striim’s current inflection point make us very optimistic that Striim will become a leading company in the digital transformation of data.”
Striim recently announced a preview release of StreamShift, a new fully managed service based on the company’s data integration technology for quickly and securely migrating databases from on-premises systems to cloud systems, including Google Cloud, Azure and AWS. Striim expects to make a full release of the service generally available sometime in the second quarter of 2021.
While Striim didn’t specifically disclose its plans for using the additional funding, the company has been aggressively hiring and now has more than 100 full-time employees in its Palo Alto, Calif., headquarters and in its Chennai, India, operations.