Investment fuels development of Cube Cloud, leading universal semantic layer
SAN FRANCISCO, June 6, 2024 /PRNewswire/ -- Cube, providers of the universal semantic layer for every data app, today announced it has completed a $25 million funding round with new investor Databricks Ventures and joined by all the previous investors including Decibel, Bain Capital Ventures, Eniac Ventures, and 645 Ventures. In addition, 645 Ventures Co-founder and Managing Partner Nnamdi Okike is now a board observer for Cube's Board of Directors.
Cube Cloud is now installed on 90,000 servers and used by 4.9 million users. Twenty percent of Fortune 1000 companies use Cube. The company is experiencing significant growth. From 2023 to 2024 Cube has seen:
- 4x growth in new customers.
- 3x growth in average deal size.
- 3x growth in bookings.
The $25 million adds to the company's $15.5 million most recent funding round in 2021. Including all rounds, the company has raised $48 million to deliver the leading universal semantic layer that unifies business logic, centralizes governance and security, optimizes query performance, and integrates with any data endpoint.
"We look forward to further advancing Cube Cloud's capabilities and reaching more companies struggling to create consistent data to fuel their BI tools, AI programs, and data apps," said Artyom Keydunov, Co-founder and CEO of Cube. "This funding will pave the way for us to help more companies bring consistency, context, and trust to all their analytics."
Cube is growing rapidly, spurred by the needs of every organization to better manage the demand for data from BI tools, embedded analytics, chatbots, and LLMs. The company's universal semantic layer, Cube Cloud, works seamlessly with the modern data stack to bring a single source of truth to every data experience. Cube will use the funding to strengthen go-to-market activities and advance Cube Cloud's capabilities, including a roadmap full of new AI functionality.
"Databricks and Cube are both working towards an intelligent, AI-enabled future. Cube has been a standout partner for Databricks and the Cube Cloud universal semantic layer complements what we offer customers with the Databricks Data Intelligence Platform," said Andrew Ferguson, VP, Databricks Ventures. "The semantic layer is critical to data intelligence and provides necessary context for AI agents to analyze data with higher accuracy. We're thrilled to deepen our partnership with Cube and participate in this round as we continue to invest in the data and AI ecosystem."
Added Nnamdi Okike, Managing Partner and Co-Founder of 645 Ventures and new board observer for Cube, "Cube team has demonstrated outstanding performance since we first invested in the company in 2020, and their growth has only accelerated in the past year. Cube is an emerging leader in providing software for the semantic layer that simplifies the data stack and enables a broad range of AI use cases for enterprises. We're excited to continue to invest in the company and grow our partnership."
Recently, Cube announced seamless support for Microsoft BI solutions, making it easier for companies using Microsoft's world-class cloud analytics solutions to build a universal semantic layer that serves the Microsoft ecosystem of tools as well as any other tools business units inevitably require. The company also unveiled new intelligent capabilities to accelerate the development of AI and embedded analytics solutions, including AI API and chart prototyping for Cube Cloud.
Anyone can try Cube Cloud today with the free developer instance.
About Cube
Cube's universal semantic layer, Cube Cloud, helps companies manage and optimize their analytics workflow. Any data source can be optimized for performance, accuracy, and consistency before being fed into any data application: internal, external, human, or bot-facing. Cube Cloud is installed on 90,000 servers and used by 4.9 million users. Customers include 203 companies in the Fortune 1000. Based in San Francisco, Cube is backed by Decibel, Bain Capital Ventures, Eniac Ventures, 645 Ventures, Databricks Ventures, and Betaworks. To learn more, visit cube.dev.
SOURCE Cube
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