OmniSci Grabs $55M Series C Round
The round was led by new investor Tiger Global Management. This round takes total funding to $92 million.
“Having finalized this Series C financing we are now focused on accelerating innovation for our customers, further building our passionate open source community, and expanding our team to support our rapidly growing enterprise customer base,” said OmniSci’s CEO and Co-founder Todd Mostak.
Lead investor Tiger Global Management is a global investment firm with $26 billion under management. Existing investors also participated in the round, including In-Q-Tel, New Enterprise Associates, Vanedge Capital, NVIDIA, and Verizon Ventures.
“We believe that the growing ecosystem of software purpose-built to run on GPUs can have a transformative impact to a number of software categories, with high-performance analytics, in particular, set for significant disruption,” stated Lee Fixel, partner at Tiger Global Management. “It was clear to us that OmniSci has built the most advanced platform in this market, and the passion customers display for OmniSci’s products show them to be the class leader today. We are delighted to lead this funding round and help OmniSci capture significant market share in the following years.”
OmniSci’s technical vision was to create the fastest analytics software designed to run on the fastest hardware: NVIDIA’s general purpose graphics processing units (GPUs). Commercially launched in 2016, adoption of OmniSci has paralleled the dramatic rise of GPUs in private and public data centers. NVIDIA’s quarterly data center revenues have risen from $151 million in Q2-FY17 to $760 million in Q2-FY19.
“We have worked closely with Todd and his team for nearly five years. They impressed us early on, winning the first startup competition at NVIDIA’s GPU Technology Conference,” said Jeff Herbst, Vice President of Business Development at NVIDIA, which has invested four times in the company. “Their success in revolutionizing big data analytics with the massive parallelism of NVIDIA GPUs demonstrates the disruption taking place in the enterprise software market for analytics and AI.”
OmniSci’s customers include Global 2000 companies in industries such as telecommunications; automotive; oil and gas; financial services; high technology; and advertising. OmniSci also works with the US defense and intelligence communities. “Our customers require a new class of analytics that enables them to query and visually interact with up to billions of records with near-zero latency,” said Mostak. Customers report orders of magnitude speed ups over traditional systems, with one customer reducing a complex big data query from 18 hours, running in a CPU-based data warehousing technology, to under 1 second with OmniSci.
Kyle Hubert, CTO at Simulmedia, a TV advertising technology company, said “Simulmedia processes billions of data records every week. We’ve been a customer of OmniSci since its launch in 2016, attracted by its lightning fast SQL and interactive visualization capabilities. Since then, we’ve experienced rapid maturing of the platform, to the point where it has obviated various workloads in solutions as diverse as Redshift, Tableau, and Looker. Testament to OmniSci’s ease of use is that our client-facing teams organically embraced the platform- something we don’t often see with other tools.”
Over the past year, OmniSci has tripled its employee base and now has over 100 organizations using its software globally. The platform is available in open source, enterprise license, and cloud editions.
OmniSci (formerly MapD) is the creator of the extreme analytics platform, used in business and government to find insights in big data beyond the limits of mainstream analytics tools. The platform, available in cloud, open source, and enterprise versions, harnesses the massive parallel computing of GPUs for breakthrough performance at scale. OmniSci originated from research at the MIT Computer Science and Artificial Intelligence Laboratory (CSAIL). OmniSci is funded by GV, In-Q-Tel, New Enterprise Associates (NEA), NVIDIA, Tiger Global Management, Vanedge Capital and Verizon Ventures. The company is headquartered in San Francisco.