Virtualization Technology News and Information
Kyligence Raises $70 Million Series D Funding Round

Kyligence, originator of Apache Kylin and the leader in intelligent data analytics, announced that the company has closed $70 million in Series D funding to continue powering its global expansion and rapid customer adoption. This funding round attracted global investment management organizations, including the round's lead investor, SPDB International. New investors Alpha Square Group, CICC, Gopher Asset Management, Shanghai Growth Capital, PUXIN Capital, and Jumbo Sheen Group also participated in the round. The round included follow-on investments from existing investors Eight Roads Ventures (the proprietary investment arm of Fidelity International Limited), Redpoint and Shunwei Capital.

Kyligence was founded in 2016 by the creators of Apache Kylin, a leading open-source OLAP big data project. The Apache Kylin project was started at eBay's China Center of Excellence (CCOE) in Shanghai, China and contributed to Apache Software Foundation (ASF) in 2015. It quickly graduated to the Top Level Project of ASF later that year. The Kyligence platform simplifies the deployment of massive interactive analytics in the cloud by providing unified data semantics and automated data processing and aggregation across a wide range of use cases with its patented AI-Augmented operations. 

With this investment, Kyligence will keep fueling its rapid growth by further investment in research and development of its products to support innovative cloud-native and machine learning advances. The next-generation enterprise-grade data platform provided by Kyligence, will assist enterprises to realize future-oriented digital transformation, thereby improving the capability and efficiency of data management and analytics.

"Today's cloud data warehouses and data lake analytics are struggling to deliver cost effective analytics as data and user volumes explode," said Luke Han, co-founder and CEO of Kyligence. "Kyligence can vastly improve the economics of these platforms via our cloud-native architecture and AI-augmented operations. Coupled with a Unified Semantic Layer, Kyligence customers can expect unprecedented performance and concurrency at the least possible cost. Our investors understand that our commitment to this kind of innovation, customer focus, and cost control for cloud analytics has us moving in the right direction."

Hongrui Jia is the CEO of SPDB International, the offshore investment bank wholly owned by Shanghai Pudong Development Bank Co., Ltd. and the lead investor in this round. He said  "Kyligence, one of SPD Bank's business partners, is a leading data intelligence company in the field of big data. As the creator of Apache Kylin, Kyligence has had a profound global influence and continues to strengthen the platform with a cloud-native design and AI-augmented operations. With the explosive growth of data and its broad applications, we believe that SPDB International, together with Kyligence, can accelerate SPD Bank's digital service capabilities."

According to Gartner, by the end of 2024, 75 percent of enterprises will shift from experimenting to operationalizing AI, driving a 5X increase in streaming data and analytics infrastructures in the process. Trusted by Global Fortune 500 companies, Kyligence's AI-Augmented engine intelligently identifies, manages, and optimizes a company's most valuable data, enabling analysts and data engineers to build out new analytics services - on-premises or in the cloud.

One Kyligence customer UBS, a multinational investment bank and financial services company, uses Kyligence to analyze worldwide transactions to keep on top of its risk profile. Kyligence helps UBS process close to a billion new records every day, updating their model every couple of hours to ensure the transactions are not adding risk.

Published Wednesday, April 21, 2021 3:15 PM by David Marshall
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