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Next-Gen Database Developer SingleStore Raises $116M From Goldman Sachs, Leading IT Vendors
SingleStore is rapidly staffing up, doubling its headcount over the last year and building out its executive ranks with a new CFO and new general counsel.
Cloud-native database developer SingleStore has raised $116 million in a financing round led by Goldman Sachs and participation by Dell Technologies, Hewlett Packard Enterprise and IBM, among others.
The new funding increases SingleStore’s total financing to more than $434 million since its 2011 founding, according to the Crunchbase website. SingleStore itself said it has raised $278 million over the last 20 months, including $80 million funding rounds in December 2020 and in September 2021.
The latest funding comes on the heels of the company hiring a new chief financial officer and a new general counsel.
SingleStore develops SingleStoreDB, a distributed relational database system for data-intensive transactional and analytical applications. The company positions its database as a next-generation alternative to mainstay databases – particularly Oracle’s flagship relational database.
SingleStore also offers SingleStoreDB Cloud, a fully managed database-as-a-service. Last month the San Francisco-based company updated the core database with new workload scalability, a new code engine and flexible parallelism capabilities.
“Our purpose is to unify and simplify modern data,” said SingleStore CEO Raj Verma, in a statement. “We believe the future is real time, and the future demands a fast, unified and high-reliability database — all aspects in which we are strongly differentiated. I am very excited to partner with Goldman Sachs, the beacon of financial institutions, and further expand our relationship.”
As part of the latest funding announcement SingleStore said it has nearly doubled its headcount in the last 12 months “and continues to aggressively hire to meet the demand for its product and services.”
The latest funding round was led by Goldman Sachs Asset Management with new participation from Sanabil Investments. Current investors Dell Technologies Capital, GV, HPE, IBM Ventures and Insight Partners, among others, also participated.
Last week SingleStore said it had been accepted as a Gold Status Partner in Intel’s Disruptor Initiative. In April SingleStore debuted SingleStoreDB with IBM, a collaboration with Big Blue through which IBM sells and supports the SingleStore database and provides global deployment support through IBM Consulting.
SingleStore, which changed its name from MemSQL in 2020, also has a strategic alliance with data analytics giant SAS through which the companies have integrated the SingleStore database with the SAS Viya analytics, AI and data management platform.
SingleStore could be gearing up for a future IPO. The company said it hired Meaghan Nelson as the company’s new general counsel. She joins from Veeva Systems where she was associate general counsel and before that held positions at MaxPoint Interactive, Etsy and Veeva: SingleStore noted that she played a role in taking all those companies through their IPOs.
“I couldn’t be more excited to join SingleStore at this important inflection point for the company,” Nelson said in a statement. “I feel that my deep experience working closely with companies through the IPO process along with my experience in scaling G&A orgs will be of great value to SingleStore as we continue to achieve new heights.”
The company also disclosed that it had hired Brad Kinnish as chief financial officer last month. Kinnish previously worked as CFO at Aryaka Networks and before that as CFO at Marin Software.
“By unifying different types of workloads in a single database, SingleStore supports modern applications, which frequently run real-time analytics on transactional data,” said Holger Staude, managing director at Goldman Sachs, in a statement. “The company aims to help organizations overcome the challenges of data intensity across multi-cloud, hybrid and on-prem environments, and we are excited to support SingleStore as it enters a new phase of growth.”