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Striim, a startup specializing in streaming data integration, today closed a $50 million series C funding round led by Goldman Sachs Growth Equity. Striim founder and CTO Steve Wilkes says the funding will be used to scale the company’s offerings that power cloud integration, edge processing, and streaming analytics.
Data modernization continues to be a major push, with Gartner predicting that over 75% of midsize and large companies will deploy a multi-cloud or hybrid IT strategy by 2021. Reflecting this uptick, Markets and Markets anticipates that the multi-cloud management sector will climb from $1.17 billion in value in 2017 to $4.49 billion by 2022.
Wilkes and Sami Akbay cofounded Palo Alto, California-based Striim in 2012 to address the needs of enterprises managing data across multiple clouds. Each had experience with deep data and infrastructure and shared successes building GoldenGate Software, which was acquired by Oracle in 2009, and WebLogic, which merged with BEA.
Striim continuously ingests data from databases, log files, messaging systems, cloud apps, and internet of things devices, performing processing including filtering, transformations, aggregations, masking, and metadata enrichment. The platform offers monitoring and validation features that help to trace and confirm the collection and delivery of streaming data, as well as a wizard that leads customers through the process of defining data flows and connections.
Striim customers can connect with their data in public and private clouds and build custom pipelines with routing and rules defined in an SQL-like language. Out-of-the-box dashboards show table-level metrics and latency of data delivery, with tools admins can use to configure performance and uptime alerts and self-healing pipelines with remediation workflows. These dashboards can also incorporate AI for deeper insights and expose metrics on connector components including read and write rates, lag, latency, and CPU usage.
Striim appears to be well-positioned for growth in an increasingly lucrative market. As cloud computing usage explodes during the pandemic, enterprises are embracing multi-cloud strategies. Ninety-three percent are using multiple clouds and 87% have a hybrid cloud setup, according to a Flexera survey. And while 20% of organizations already spend over $12 million a year on public clouds, 59% expect their cloud usage to exceed projections due to pandemic headwinds.
Striim recently announced a preview release of StreamShift, a managed service offering that helps enterprises migrate databases from on-premise to the cloud. (A full release is expected in Q2 2021.) Building on this, the company says it’s continuing to hire “aggressively” and now has over 100 full-time employees across offices in California as well as Chennai, India.
Striim’s customers include brands in financial services, health care, transportation and logistics, and retail, including UPS, Macy’s, Equifax, and HSBC.
Strimm’s latest funding round brings the company’s total raised to date to over $108 million. It follows on the heels of a $16.5 million extension to a series B round that closed in March 2017.
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