NEW YORK and TEL AVIV, July 28, 2021 /PRNewswire/ -- Treeverse, the creator of lakeFS, the open-source technology that brings streamlined data lifecycle management and version control to data lakes, today announced $23 million in funding to date, which will further accelerate the development and adoption of the innovative solution designed for any enterprise data team tasked with managing petabytes or more of data in one shared system. Dell Technologies Capital, Norwest Venture Partners, and Zeev Ventures led the round.
"We created lakeFS to solve the pain and frustration we knew firsthand as data engineers ourselves," says Treeverse CEO and Co-founder Einat Orr. "We're most proud of how lakeFS elegantly solves the file system challenge for data lakes of exponential size and how the growing community around it is involved in finding new ways to leverage lakeFS to improve their data workflows. We plan to use this round of funding to perfect the open-source core capabilities and build a SaaS offering over it that allows fast creation of predefined workflows that are essential for managing an ever-growing amount of data within every enterprise."
Meeting the challenge of storing and processing big data is a primary task of CTOs, data engineers, machine-learning developers, and data ops professionals; however, a greater and still-growing challenge is how to actually manage an ever-increasing mass of data. Improved processing technologies have many enterprises moving toward data lakes, which store and share all of an organization's data that is stored and shared in object storage that behaves like a huge shared folder. Due to a lack of manageability tools, most of these data lakes look more like someone's overcrowded desktop than the organized library we'd all like to imagine.
"Today's increasingly digitized environments create a deluge of data and impose a massive burden on data professionals tasked with finding streamlined and flexible ways to manage it all," said Yair Snir, Managing Director, Dell Technologies Capital. "lakeFS brings a unique approach that addresses the needs of modern data engineers struggling with big data lifecycle management. Our investment is a testament to the belief that Treeverse will transform the way data teams work together on improving data workflows."
"lakeFS is bringing revolutionary capabilities to enterprise data teams across a wide variety of global industries. In our research, we found point solutions but didn't encounter another company focusing on the need data engineers have in managing the data lake integrity—how to ensure consistency, reproducibility, understand dependencies, and guarantee data quality," said Dror Nahumi, General Partner, Norwest Venture Partners. "Treeverse is a company built by data engineers to solve the problems data engineers deal with daily. The team at Norwest is thrilled to partner with the company on its journey to bring this technology to some of the world's leading enterprises and consumer brands."
Sitting between an organization's data lake and the applications required to run all of an organization's essential processes, the lakeFS technology empowers better visibility and increased efficiency across the organization. The lakeFS's open-source base encourages data engineers to participate in designing the solution to meet the data needs of their businesses, as well as those of the community of data professionals worldwide. The lakeFS community includes teams from Slice, SimilarWeb, Karius, and many others, who contribute feedback and ideas that help shape lakeFS to be an even more powerful data lifecycle management tool.
About Treeverse Founded in 2020 by Oz Katz and Einat Orr, Treeverse is the company behind lakeFS, the open-source technology that brings streamlined data lifecycle management and version control to data lakes. With global enterprise users spanning all verticals, lakeFS was created to bring order to the chaos that comes with managing petabytes or more of data. Data Engineers, DataOps professionals, machine learning developers, and CTOs are rapidly adopting lakeFS to more efficiently run their applications, manage their data, and increase productivity. Treeverse investors include Dell Technologies Capital, Norwest Venture Partners, and Zeev Ventures. To learn more, visit https://treeverse.io/.
Media Contact: Katie Jacobs/Nicole Bestard Quarter Horse PR for Treeverse [email protected]