Starburst Raises $250 Million to Lead the Market Shift to Faster Analytics on Decentralized Data
Starburst, the analytics anywhere company, announced it has secured a $250 million Series D funding round at a $3.35 billion valuation. The financing round was led by Alkeon Capital, with participation from Altimeter and B Capital Group, as well as existing investors Andreessen Horowitz, Coatue Management, Index Ventures and Salesforce Ventures. The round brings Starburst’s total financing to date to $414 million, as the company ramps up operations to meet the industry’s growing demand for faster analytics on decentralized data.
“Every organization has a top-down mandate to take more data-driven actions, but increases in data volumes have forced organizations to move, misplace and mismanage data, creating blind spots that can negatively impact decision-making,” said Justin Borgman, CEO and co-founder of Starburst. “Starburst streamlines data access and analytics across silos, clouds and business lines, enabling organizations to become truly data driven. Today’s financing is a reflection of our continued growth and ‘workhorse’ mentality, from achieving profitability in our first two years of operation to tripling customer adoption in the past 12 months.”
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Starburst is breaking down legacy barriers created by a decades-old paradigm: The single source of the truth. This data centralization approach, commonly associated with data warehousing, requires data to move and be prepared prior to analyzing it. This process is expensive, creates data lock-in, and forces tradeoffs in how quickly data teams can analyze the data they need to make critical decisions.
Starburst is powering a new era of data analytics for companies across the globe, including Zillow, Standard Chartered, and Carrefour Brazil. Starburst removes the need to move data before analyzing it; significantly decreasing time to insight, and powering faster decisions. Core technical use cases span fast SQL-based queries on data lakes or lakehouses, through more complex use cases joining data sets on a distributed Data Mesh architecture. Ultimately, Starburst is able to help organizations like FINRA detect fraud, AssuranceIQ increase conversion rates by 10%, and Priceline reduce data storage costs.
“Starburst is a core part of the foundation of our data and analytics strategy at Priceline. We’ve been able to accelerate time-to-insight, while reducing our storage costs by 5X—10X by leaving the data in its raw form and accessing it through Starburst,” said Sachin Menon, Senior Director of Data, Priceline. “With Starburst, we’re building a solution that allows our data consumers to make faster decisions on more data, while reducing data engineering complexity and cost.”
Starburst is foundational to Data Mesh, a new approach to data management based on distributed data and treating data as a product. Starburst Enterprise is spearheading the delivery of data as a product, accelerating insights for domain users and freeing data teams from time-consuming manual tasks. Today, Starburst also announced new capabilities for Starburst Enterprise that enable organizations to build and share data products. Starburst Galaxy is a SaaS (Software-as-a-Service) offering that enables data lake and lakehouse analytics, as well as cross-cloud analytics. Both solutions are based on open source Trino, the distributed query engine originally created at Facebook as Presto.
“At Slalom, we seek to create a modern culture of data with our clients and Data Mesh architecture is a key part of that strategy” said Anthony Gould, Senior Director of Data and Technology at Slalom. “We see clients already on the journey to Data Mesh and we are guiding clients through this transformation and see Starburst as an important and transformative technology in this journey.”
“The importance of data analytics has been magnified by the pandemic, as organizations require fresh insights to manage supply chain challenges, meet evolving customer needs and support a remote workforce,” said Abhi Arun, Managing Partner at Alkeon Capital. “Having fast access to more data sources will not only improve core business analytics, but also fuel machine learning models and accelerate artificial intelligence initiatives. By eliminating the need to move and centralize data in one location, Starburst is making it faster and easier for organizations to derive data-driven insights.”
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