Upsolver, an Israeli startup developing a no-code data lake engineering platform, secured $25 million in Series B funding. The investment was led by Scale Venture Partners, with participation from existing investors Vertex, JVP, and Wing Venture Capital. The announcement comes after the company reported tripling revenue this year, and onboarding market leading customers, like Wix and AppsFlyer, among others.
Massive amounts of raw data made analytic-ready
It has become pretty standard practice for enterprises to use data lakes - a way of storing raw data from around the organization in one central database. Using the data lakes allows companies to analyze massive amounts of structured and unstructured data, by separating the database into 3 parts: storage, analysis, and metadata. On one hand, separating the database significantly minimizes costs, and reduces dependency on a single supplier. However, it does pose a new engineering complication, where each individual part requires management and monitoring - which requires time, additional costs, and certified, trained personnel.
Despite deploying a no-code platform, Upsolver’s solution is able to accelerate Big Data projects tenfold. The company’s tech helps automate repetitive tasks through SQL-based visual tools, which are available throughout the organizational network. The end result is a visualization platform that enables enterprises to automate analytics of raw cloud data, making it accessible throughout the organization.
Upsolver was founded by CEO Ori Rafael and CTO Yoni Eini, who served together at the elite technological unit - 8200. The company raised $13 million back in June of 2020, with the round being led by Vertex, JVP, and Wing Ventures. To date, the company has raised $42 million, and has a 35 employee headcount, with most of them based at the Israeli R&D center.