Tuesday, April 23, 2024

Starburst Raises $250M Round for Data Analytics

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BOSTON — The data analytics company Starburst secured $250 million in additional financing.

Starburst closed the Series D round that gives the company a $3.35 billion valuation, according to the company last month. 

The round was led by Alkeon Capital and included Altimeter and B Capital Group as well as several existing investors, Andreessen Horowitz, Coatue Management, Index Ventures, and Salesforce Ventures. 

To date, Starburst, founded in 2017, has secured $414 million in financing.

The company is ramping up operations to meet the “growing demand for faster analytics on decentralized data.”

For instance, in the last year, Starburst established European operations with a base in the U.K. and a presence in Germany and France. 

Starburst also tripled its employee headcount — to over 380 employees, according to LinkedIn.

Starburst believes the data centralization approach to analytics is an “old paradigm.” 

The company’s software is designed to “remove the need to move data before analyzing it,” decreasing time to insight and decisions as well as storage costs. 

Starburst supports queries for data warehouse, data lake, and data mesh environments.

The product is available on six major cloud platforms. It was also recently included as one of the inaugural members of the Red Hat OpenShift Data Science ecosystem.

“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, co-foudner and CEO of Starburst. 

Abhi Arun, managing partner, Alkeon Capital, said organizations require “fresh insights to manage supply chain challenges, meet evolving customer needs, and support a remote workforce.”

“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,” Arun said.

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