Dremio Common Shares Marked Down 41.32%

Dremio is an open-source data-as-a-service platform that facilitates high-speed data querying and exploration across various data sources. Leveraging Apache Arrow as its core execution engine, Dremio optimizes query performance and promotes seamless interaction with diverse data stores. It also provides a self-service interface for data engineers and analysts, allowing them to curate and shape data without needing ETL processes or replication. It is also a component of the Prime Unicorn Index, the standard bearer for private markets benchmarking. Reflecting the broader private market, the Index is down 7% year-to-date. 

Dremio has raised a total of $293 million over five rounds, with the most recent round being a $151 million Series E round in January 2022. This round was priced at $8.52 per preferred share, which valued the company at nearly $1.9 billion. Investors include Redpoint Ventures, Lightspeed Ventures, Norwest Venture Partners, Sapphire Ventures, Insight Venture Partners, Stepstone Group, Adam Street Partners, and Deutsche Telekom Capital Partners. 

Since its last funding round, Dremio has filed two Employee Plan Exemption Notices (EPENs), which disclose the price of common shares granted to company executives. The first EPEN, filed on February 2, 2022, showed a common price per share of $6.17 ($3.085 after adjusting for a 1-to-2 forward split in March 2022). On September 8, 2023, Dremio filed another EPEN, pricing common shares at $1.81. This implies a 41.32% markdown, which would drop the company’s valuation to $1,092,015,390.