Ahana, a San Mateo-based provider of cloud data lake services, recently announced that it has secured $20 million in a series A funding round led by Third Point Ventures . This funding will enable Ahana to expand its platform and further develop its Presto database, which is gaining popularity in the cloud analytics market. With the increasing demand for efficient data processing and analysis, Ahana’s innovative approach to open data lake analytics is poised to make a significant impact in the industry.
Transforming Open Data Lake Analytics with Presto
Ahana’s mission is to redefine open data lake analytics by leveraging the power of Presto, an open-source distributed SQL query engine. With its SaaS managed service for Presto, Ahana enables data platform teams to easily and cost-effectively process SQL queries on all their data . By providing a fully managed service around Presto on Amazon Web Services (AWS), Ahana simplifies the deployment and management of Presto clusters, allowing organizations to focus on extracting insights from their data rather than dealing with infrastructure complexities .
Presto’s ability to handle large-scale data processing and perform complex analytics in real-time has made it a popular choice among data engineers and analysts. Unlike traditional data warehouses, Presto allows users to query data directly from various sources, including data lakes, without the need for data movement or transformation . This eliminates the need for time-consuming ETL (extract, transform, load) processes and enables organizations to gain insights faster.
Series A Funding and Growth
The recent series A funding round led by Third Point Ventures has provided Ahana with a significant boost in capital to accelerate its growth and expand its platform . The $20 million raised brings Ahana’s total funds raised to $24.8 million . This funding will be instrumental in further enhancing Ahana’s Presto database and scaling its operations to meet the increasing demand for cloud data lake services.
Ahana’s success can be attributed to its unique value proposition in the market. By offering a fully managed service for Presto, Ahana eliminates the need for organizations to invest in dedicated resources and expertise to deploy and maintain Presto clusters . This approach significantly reduces the barrier to entry for adopting Presto, making it accessible to a broader range of organizations.
Addressing the Cloud Analytics Boom
The cloud analytics market is experiencing rapid growth, driven by the increasing volume and complexity of data generated by organizations. According to a report by Market Research Future, the global cloud analytics market is projected to reach $26.5 billion by 2023, growing at a CAGR of 21.3% during the forecast period . This presents a significant opportunity for Ahana to capitalize on the market demand and establish itself as a leading player in the cloud data lake services space.
Ahana’s focus on open data lake analytics aligns with the growing trend of organizations adopting data lakes as a central repository for their data. Data lakes offer flexibility and scalability, allowing organizations to store and analyze vast amounts of structured and unstructured data . By leveraging Presto’s capabilities, Ahana enables organizations to unlock the full potential of their data lakes and derive valuable insights that can drive business growth.
Ahana’s recent series A funding round and its innovative approach to open data lake analytics position the company for success in the cloud analytics market. With its fully managed service for Presto, Ahana simplifies the deployment and management of Presto clusters, enabling organizations to leverage the power of Presto without the complexities of infrastructure management. As the demand for efficient data processing and analysis continues to grow, Ahana’s platform is well-positioned to meet the needs of organizations seeking to extract insights from their data lakes