Upsolver, a Tel Aviv-based cloud analytics company, said Tuesday it raised $25 million in Series B financing led by Scale Venture Partners (Scale). Existing investors JVP, Vertex Ventures US, and Wing Venture Capital also participated in the round.
The new funding follows the company’s $13m. Series A round last June, and a tripling of the company’s revenue in 2020, Upsolver said. The company will use the financing to aggressively build its team, scale its go-to-market engine, and drive technical innovation.
Ori Rafael and Yoni Eini, two database engineers, founded Upsolver in 2014 after experiencing frustration building a cloud analytics solution. “We wanted to store data affordably in the cloud without analytics vendor lock-in,” explained Rafael. “Unfortunately, what used to take three hours using SQL turned into a month or more of hand-coding and hundreds of configurations in Spark. We created Upsolver to transform cloud analytics into an agile process.”
As part of the investment, Ariel Tseitlin – partner at Scale and former head of Netflix Cloud Solutions – has joined Upsolver’s board of directors. In addition, Avner Gideoni has recently joined Upsolver as Israeli site manager and VP of engineering.
“Monolithic analytics platforms are a thing of the past. Today’s organizations require a variety of analytics tools to fully capitalize on their data,” said Tseitlin. “Data leaks originally promised this variety and openness but also required a large, ongoing investment in engineering. Upsolver eliminates this trade-off. The company’s steep growth curve, top-quartile net revenue retention, and superior technology prove its leadership in the cloud-data space. We’re thrilled to back the team.”
Upsolver is available on AWS Marketplace and Azure Marketplace, and a free community version is also available on the Upsolver website.