Open-source database software developer Redis Labs has raised $110 million in Series G Financing, the company said Wednesday, pushing its valuation over the $2 billion threshold.
The company will use the new funding to continue development of its real-time data platform, based on its popular in-memory database, as well as expand the company’s global footprint and boost customer support.
The additional financing brings Redis Labs total financing to $347 million, according to the Mountain View, Calif.-based big data company.
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New investor Tiger Global led the latest round of funding with participation from new investor SoftBank Vision Fund 2 and existing investor TCV. Tiger, SoftBank and TCV also acquired additional ownership as part of a $200 million secondary transaction.
Redis is best known for its open-source Redis in-memory data structure store. Software that provides database, managed caching and message broker capabilities. The database is offered as a high-performing alternative to traditional relational-based SQL database systems.
“We founded Redis Labs with the idea that the future of the database market would be defined by performance, where Redis excels. Through the dedication of our team, Redis has become an enterprise-grade data platform to tackle nearly any real-time use case across every industry,” said Ofer Bengal, Redis Labs co-founder and CEO, in a statement. “Partnering with exceptional new investors such as Tiger Global and SoftBank, in addition to the continued belief of our existing investors like TCV, validates our mission to make Redis the de facto real-time data platform companies choose to meet their customers’ expectations.”
Redis Labs’ product portfolio includes the Redis Enterprise Software database, the Redis Enterprise platform that includes management and development tools, and the Redis Enterprise Cloud fully managed cloud database service.
“Companies are increasingly looking for ways to leverage the efficiency and flexibility of the cloud to drive their business forward and Redis Labs is the best partner for them in this journey,” said John Curtius, partner at Tiger Global Management, in a statement. “Redis Labs has developed a real-time data platform to solve for low-latency requirements of business-critical applications and the go-to-market strategy to succeed alongside the cloud hyper-scalers.”
Redis Labs said the company has recorded a 54 percent CAGR over the three years ended Jan. 31, 2021 and now has more than 8,000 paying customers including 31 of the Fortune 100.
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