Funding comes on the heels of major momentum in customer and community adoption for Presto.
Ahana, the Presto company, today announced it has raised $20 million in Series A funding to transform open data lake analytics, bringing total funds raised to $24.8 million. The financing round was led by Third Point Ventures and included existing investors GV (formerly Google Ventures), Leslie Ventures, and Lux Capital. Robert Schwartz, Managing Partner, Third Point Ventures will join Ahana’s Board of Directors.
Today more companies are augmenting the traditional cloud data warehouse with cloud data lakes like AWS S3 due to its affordability and flexibility, allowing for the storage of a lot more data in different formats. But analyzing that data is challenging for data platform teams. Presto, the open-source project created by Facebook and used at Uber, Twitter, and thousands more, is the de facto standard for fast SQL processing on data lakes. With this investment, Ahana will continue to transform the open data lake analytics market with the only Presto SaaS by further accelerating engineering and contributions to the open-source community, as well as expanding its go-to-market teams.
“We’re excited to join the exceptional team at Ahana and assist them in their evolution from rapid, early adoption to substantial market prominence. As we witness the evolution of modern analytics, we’re seeing a new stack emerge adjacent to the data warehouse. Companies need an open, flexible approach to access their data, and the data lake with Presto on top provides that,” said Robert Schwartz, Managing Partner, Third Point Ventures.
“Ahana Cloud provides the foundation for this new stack, giving all platform teams the ability to easily use Presto on their data lake. With Ahana, any company can leverage the open data lake for its analytics. This is extremely powerful.”
Under the Linux Foundation’s Presto Foundation, the Presto open source project has seen massive growth just in the past six months including hundreds of thousands of pulls of the Docker Sandbox Container for Presto hosted by Ahana, over 1,000 members in global Presto meetups, and a total of ten companies that are now part of the Presto Foundation.
“From day one Ahana has focused on delivering the easiest Presto managed service for open data lake analytics in the cloud, giving data platform teams the ability to provide high-performance SQL analytics on their S3 data lakes,” said Steven Mih, Cofounder and CEO, Ahana. “As more open source-based companies like Confluent and Neo4J see extreme momentum in today’s market, Ahana’s open-source go-to-market coupled with its deep involvement with the Presto Foundation has positioned Ahana as the Presto company and leader in the open data lake analytics space.”
“Since its launch in June of 2020, Ahana has in a short time established itself as the Presto company, bringing a solution to market that enables any team to use Presto in the cloud for their data lake analytics,” said Mark Leslie, Managing Director, Leslie Ventures. “Couple that with the momentum we’re seeing in the Presto community, I look forward to even more from the Ahana team as they execute on their vision of the open data lake analytics stack with Presto.”