Edelbyte reels in $70M for its multipurpose data analytics platform

Edelbyte Ltd., a developer of a multipurpose data analytics platform for artificial intelligence agents, has secured $70 million in funding. The startup raised capital over two rounds, led by Sequoia and Quiet Capital, with contributions from Greenoaks and Swish Ventures. Valued at $500 million, Edelbyte is based in Tel Aviv and was founded last year by former Microsoft executives Avner Aharoni, Evgeney Ryzhyk, Alexander Sloutsky, and Yoni Leibowitz.

The company positions its platform as an alternative to Snowflake and Databricks, capable of storing up to hundreds of petabytes of data per deployment, including both standard records and vectors. Edelbyte supports various queries, including search engine searches, business intelligence calculations, and graph processing. With its technology called query federation, the platform avoids moving data to a dedicated processing environment, instead running queries in the systems where data is usually stored.

This approach speeds up processing and reduces bandwidth usage. Edelbyte optimizes queries through generating indexes, collections of shortcuts that facilitate finding specific items in large datasets. The company claims its platform can query multipetabyte datasets with under 100 milliseconds of latency. Edelbyte's platform automates index customization, a manual process typically required for analyzing large datasets.

The CEO, Avner Aharoni, notes that as AI centralizes businesses' operations, the volume and complexity of data queries will grow exponentially, creating an opportunity for Edelbyte to become a market leader in search and analytics. The funding will be used to expand the installed base and hire more employees.