Israeli startup Panoply, which develops a cloud data platform, announced the completion of a $10 million Series B funding round. The investment was led by Ibex and existing investor C5. Panoply has raised $24 million to date.
Expanding the “data storage”
Panoply develops an automated data storage, which in contrast to similar technologies actually learns, adapts, and optimizes the data storage management process. Panoply’s platform for cloud storage combines data warehousing with a code-free system that integrates between all of an organization’s stored data.
The company’s data warehouse solution enables users to modify cloud data in less than 5 minutes and without previous programming experience. Moreover, the platform significantly cuts raw data transformation speed from previously taking months or weeks to less than 15 minutes.
Panoply states that by simplifying ETL and data warehouse management, its platform provides teams with fast and easy access to deep data analytics and actionable insight into company operations. The platform integrates with all major market BI platforms.
In a conversation with Geektime, CEO Yaniv Leven explained what led to the current funding round and how the company had changed since the previous round in 2017. Leven notes that the company has witnessed extreme data platform momentum over the past two years, with accessibility leading the movement.
He continues to explain that “we are aiming as high as we can, we can start a revolution, just like Amazon did with AWS cloud. The next accessibility transformation targets revolutionizing AI and ML, and Panoply is on point to lead this revolution.”
According to Leven, the company plays a major role in the world of data accessibility, by being basically the only platform to make the use of code-free analytic infrastructure for end users accessible - and all on once no-code platform.
Panoply was founded in 2015 by Leven and Roi Avinoam. The company is based in Israel, with offices in the U.S., Ukraine, and the Philippines. With the newly acquired capital, Panoply intends to expand marketing and sales efforts, in order to enrich its proprietary platform.