SQream secures $45M to grow GPU-driven big data analytics platform
SQream is a data analytics company that utilizes GPU-based technology to assist businesses in analyzing huge amounts of data quickly and cost-effectively. Recently, the company has secured approximately $45 million in a Series C financing round.
World Trade Ventures and existing and new investors like Schusterman Investments, George Kaiser Foundation (Atento), Icon Continuity Fund, Blumberg Capital, and Freddy & Helen Holdings led this funding round. SQream aims to utilize this funding to expand its operations in North America. It plans to strengthen strategic partnerships and improve capabilities in AI/ML and big data analytics. Ami Gal, CEO of SQream, said in a statement:
“As Generative AI shines a light on the importance of leveraging AI and ML within enterprises, as well as the value of GPUs as part of the analytics process, we have seen interest in our technology skyrocket. Companies are very focused on driving analytics maturity right now, and this recent funding round is another step in our mission to better equip our customers with cutting-edge data analytics and processing solutions that empower them to derive meaningful insights from their vast datasets and drive growth in ways previously thought impossible. We are grateful for the trust from World Trade Ventures and for the ongoing support from our investors, especially in a tight funding climate.”
SQream’s innovative technology significantly improves data analytics by utilizing GPUs to process large and complex datasets cost-effectively. As a result, businesses can expect a 90% reduction in ingestion and preparation times, a 90% reduction in footprint, and an 80% reduction in costs compared to traditional methods. Additionally, this strategy allows for more efficient use of resources and greater overall productivity.
They achieve this by using familiar SQL processes and maximizing data parallelism. This process makes it more efficient and environmentally friendly, reducing hardware and energy requirements. Their patented GPU technology increases analytics speed and reduces costs, boosting the analytics.
SQream’s customers, spanning industries like semiconductors, manufacturing, Telecomms, finance, and healthcare, are facing substantial speed boosts in data analytics and AI/ML processes through GPU computing. Abraham Schwartz, partner at World Trade Ventures, said in a statement:
“SQream is enabling enterprises to become data-driven and deliver insights at the point of impact where they are needed most, and in their ability to push technological boundaries in the ever-growing analytics and AI/ML spaces. We are thrilled to contribute to SQream’s ascent towards reshaping the big data and AI landscape, and look forward to seeing the significant impact they will make in the market, especially in North America, to meet this increasing demand.”
