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Presto Company Ahana has raised $20M in a Series A funding round to redefine open data lake analytics amid high growth and adoption of Presto. It would use the proceeds from the funding to accelerate the expansion of its go-to-market and transform open data lake analytics
The previous rounds of funding (seed) for Ahana came in September and June 2020, where it netted $2.3 million and $2.5 million, respectively. With the close of this round, Ahana’s total funding raised to date crossed $24.8 million, as per Crunchbase. Its existing backers – GV, formerly Google Ventures, Leslie Ventures and Lux Capital – participated in the Series A round.
Ahana, launched in June 2020, offers managed services for Presto on AWS with the vision to simplify open data lake analytics. Presto is the open-source project created by Facebook and used at Uber, Twitter, among others and is the standard for fast SQL processing on data lakes. The company stated that under the Linux Foundation’s Presto Foundation, the Presto open-source project saw massive growth in the last six months.
Steven Mih, co-founder and CEO of Ahana, stated that the mission for the company since its inception has been towards 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.
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.Steven Mih, co-founder and CEO of Ahana
Ahana stated that it would use the proceeds from the funding to transform the open data lake analytics market with its Presto SaaS, accelerate engineering and contributions to the open-source community and expand its go-to-market teams. Robert Schwartz, managing partner at Third Point Ventures, expressed excitement at joining Ahana, assisting 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. 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 their analytics. This is extremely powerful,Robert Schwartz, managing partner at Third Point Ventures