{"id":2184,"date":"2021-06-30T11:07:09","date_gmt":"2021-06-30T11:07:09","guid":{"rendered":"https:\/\/forbes.co.il\/e\/?p=2184"},"modified":"2021-06-30T11:57:51","modified_gmt":"2021-06-30T11:57:51","slug":"firebolt","status":"publish","type":"post","link":"https:\/\/forbes.co.il\/e\/firebolt\/","title":{"rendered":"Firebolt is not afraid to compete Amazon, Google, and Microsoft"},"content":{"rendered":"\n

Total fundraising:<\/strong> $37 million<\/p>\n\n\n\n

Employees<\/strong>: 85 employees<\/p>\n\n\n\n

Founders<\/strong>: Saar Bitner and Eldad Farkash<\/p>\n\n\n\n

Founded<\/strong>: 2018<\/p>\n\n\n\n

Investors<\/strong>: Bessemer Venture Partners, TLV Partners, Zeev Ventures and Angular Ventures.<\/p>\n\n\n\n

\n\n\n\n

<\/p>\n\n\n\n

\u201cThere is a need for speed,\u201d say Eldad Farkash and Saar Bitner, founders of the promising start-up Firebolt<\/a>.The technology that they developed enables their users \u2014 primarily engineers and developers \u2014 to carry out analysis, at peak speed, for huge amounts of data \u2014 terabytes and sometimes petabytes (millions of gigabytes) of information.<\/p>\n\n\n\n

Here too lies the great potential of the small company. After all, in the world of big data, efficiency and speed are the name of the game. Just think what would happen if, for example, the Google search engine took full minutes or even hours to deliver results.<\/p>\n\n\n\n

The accelerated digitization of information has sent vast amounts of data to the cloud. The size of the digital universe, the total amount of information that exists in the cybernetic world, is currently estimated at some 44 zettabytes, or 44 trillion gigabytes \u2014 if you\u2019re still following. And that is just the tip of the iceberg. The extensive digital cosmos is growing at an exponential rate, doubling its size every two years.<\/p>\n\n\n\n

At the same time as this enormous growth, the challenge of fast and efficient use of data has risen too, and the lack of effective tools for analyzing large amounts of data in a reasonable time becomes apparent. This is the reason that only a fraction of the information in the digital universe (only about 1%) is\/has been analyzed today.<\/p>\n\n\n\n

\u201cWe see it all the time,\u201d Bitner says, from his point of view as VP of Firebolt\u2019s operations. \u201cCompanies that want to analyze huge amounts of information ultimately have to make do with just a small fraction of it. The amounts of information here are enormous and they are no tools good enough for quick and efficient analysis. This is where Firebolt enters the picture.<\/p>\n\n\n\n

\"Firebolt
Firebolt founder – Eldad Farkash and Saar Bitner | Photo: Shlomi Yosef<\/figcaption><\/figure>\n\n\n\n

\u201cIt\u2019s a snowball effect. Consumption of data generates further data which creates increased consumption,\u201d describes Farkash, the CEO, \u201cToday we see more and more transitions to big data, which until now was concentrated among the big companies, but is becoming much more decentralized and spread out. Everything is built on it. This is the great need and the considerable challenge\u2026 and this is exactly where Firebolt finds itself.\u201d<\/p>\n\n\n\n

Through developing a cloud data warehouse, Firebolt\u2019s algorithm can analyze huge amounts of information very quickly \u2014 up to a hundred times faster than competitors, according to the company\u2019s claim. The innovative architecture that Firebolt developed which separates the layer in which the data is stored from the layer in which it is processed, integrates fast information-processing technologies along with a high volume of data lakes on the cloud. This way queries can be run at very high speeds with a minimum of resources.<\/p>\n\n\n\n

The big leagues<\/strong><\/p>\n\n\n\n

It\u2019s enough to look around the arena in which Firebolt is positioned to note the giants they are up against. <\/em>On the one hand this illustrates the tremendous challenge before them, but also the phenomenal potential in the product that they have developed. Those who dominate the field these days are the cloud vendors of the technology giants, the service providers of Amazon (AWS\/Amazon Web Services), Microsoft (Azure) or Google (Google Cloud). These companies currently have a firm grip on both ends of the transaction \u2014 they sell the \u201chardware\u201d on which the information is stored and then they sell the \u201csoftware\u201d which allows them to access, process and analyze it.<\/p>\n\n\n\n

But Farkash and Bitner are not intimidated by their competitors. On the contrary, it seems that they are very sure of their ability to stand out in the field and beat the big guys. <\/em>\u201cFirebolt has a competitive product in this category, with new and different technology, which has come to break the consumer model which says that if you need more you pay more,\u201d Farkash explains. \u201cWe want to shock this market and start offering alternatives \u2014 and there will be others like us,\u201d he promises, \u201cThis whole field will be shaken up in the coming years.\u201d<\/p>\n\n\n\n

One such company which already \u201cshook\u201d this industry hard is SnowFlake, the data storage company which went head-to-head with the giants and plays on the same field as Firebolt. SnowFlake went public last September in an offering that was crowned as \u201cthe biggest software IPO in history\u201d and \u201cone of the five largest American technology IPOs.\u201d Today the company has a market value of $70 billion after rising to a value of over $110 billion at the end of 2020.<\/p>\n\n\n\n

\u201cWe are still the mouse walking beside the elephant and saying look how much dust we make together,\u201d Farkash demurs. But he knows full well that the company that he founded \u2014 even if in practice it is aimed at a slightly different area of expertise than SnowFlake \u2014 is well-positioned in the same focus area. \u201cOur model is built on the fact that the need to put big data to use is exploding and with it the need to dramatically improve its speed,\u201d he says, \u201cand Firebolt is the meeting point between speed and efficiency.\u201d<\/p>\n\n\n\n

\"Firebolt
Firebolt team and offices | Photo: Firebolt <\/figcaption><\/figure>\n\n\n\n

Little blip<\/strong><\/p>\n\n\n\n

Today, speed and efficiency cost money. A ride on the Firebolt \u201ctrain\u201d should save users lots of resources of energy (processing power) and time \u2014 which translates into significant savings for companies and a steady increase in product demand. These benefits are plenty evident in the pace of the company\u2019s expansion. Firebolt currently has some 70 employees, most of them engineers spread out all over the world. Last September there was a soft launch of the product and in December it was officially inaugurated and already reported dozens of paying customers and accelerated increase in sales. <\/em><\/p>\n\n\n\n

Plenty of investors have also identified the great potential and have been quick to shower the developers with money \u2014 all just to make it possible for them to fulfill their great promise. In the marketplace it seems that the data company has already been marked as a gosling which will one day become a goose that lays golden eggs.<\/p>\n\n\n\n

Also the proven record of the innovators and founders, who worked together at a start-up which already became a great success \u2014 adds to the buzz surrounding the company. Eldad Farkash and Saar Bitner were on the founding team of Sisense, a data company which developed an AI platform for analyzing organizational data and became a unicorn this year after raising $100 million, earning it a valuation of 1.1 billion dollars. Farkash left Sisense a few years ago in order to develop the big idea that was ripening in his mind. He eagerly courted Bitner until he was convinced and the two joined forces to found Firebolt.<\/p>\n\n\n\n

It seems that the two of them don\u2019t regret their decision for a moment and aren\u2019t stopping to look back. Only last December, they announced fundraising of $37 million \u2014 out of a total $42 million that the young company raised since its founding three years ago \u2014 and if one had to bet, it almost certainly won\u2019t be the last round of funding\/fundraising. The next round may well be the one that grants them the official title of unicorn.<\/p>\n\n\n\n

But right now that is not what occupies them particularly.They see the unicorn status as just another station on a long road to the top \u2014 turning Firebolt into a giant: influential and dominant. \u201cThe goal is to be the most essential in the future of data. We believe that a big part of this lies in how the data is processed. Just as they invented the router which allowed us to route traffic more intelligently,\u201d says Farkash.<\/p>\n\n\n\n

\"Firebolt
“Israeli entrepreneurs don’t just aim for an exit anymore” | Photo: Shlomi Yosef<\/figcaption><\/figure>\n\n\n\n

It is clear why they don\u2019t even want to hear about a quick exit. For them the end goal is to become a major, significant player in the field. \u201cThe days of Israeli entrepreneurs just looking to make an exit are over. That is behind us. That story is over,\u201d Farkash says with characteristic certainty. \u201cOur market has evolved and matured and companies today are not built for a quick exit.\u201d<\/em><\/p>\n\n\n\n

To this end, an IPO is certainly a necessary step, but even this stage is, in their view, just another step in a long, ongoing process. \u201cDoes anyone remember when Facebook had an IPO? When the best companies went public? Nobody remembers,\u201d says Farkash emphatically. \u201cIn the history of companies which grew and turned big, the IPO was just another stage in the process of maturation \u2014 a little blip in their development, and on their way to becoming huge companies.\u201d<\/p>\n\n\n\n

For them the goal is very clear and they do not intend to waste this opportunity that fell into their laps \u2014 to build a successful company, to recruit the best talent as fast as they can and make an impact ASAP.<\/p>\n\n\n\n

\u201cWe live in gold rush times and what this crazy period makes possible is thinking big,\u201d Farkash concludes. \u201cYou can see it everywhere \u2014 companies grow quickly and big ideas come to life. It is exactly the right time to think big and we are in exactly the right place \u2014 in the eye of the \u2018perfect storm.\u2019 We had other plans in the past, but when the storm comes and carries you where it carries you \u2014 that is where you are and in the meantime it\u2019s a great journey.\u201d <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

After they were partners in founding Sisense, which became a unicorn last year, Eldad Farkash and Saar Bitner are racing ahead to the next goal \u2014 to turn Firebolt into the ultimate solution for big data analytics<\/p>\n","protected":false},"author":16,"featured_media":2185,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[95,175,3],"tags":[],"class_list":["post-2184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hide-on-homepage","category-magazine-white","category-entrepreneurs"],"yoast_head":"\nFirebolt is not afraid to compete Amazon, Google, and Microsoft - Forbes Israel<\/title>\n<meta name=\"description\" content=\"After they were partners in founding Sisense, which became a unicorn last year, Eldad Farkash and Saar Bitner are racing ahead to the next goal \u2014 to turn Firebolt into the ultimate solution for big data analytics\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/forbes.co.il\/e\/firebolt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Firebolt is not afraid to compete Amazon, Google, and Microsoft - 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