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Next-Generation Database Developer SingleStore Raises $80 Million
The additional financing comes as SingleStore says it has recorded rapid growth in demand for its cloud-based database service.
Next-generation database developer SingleStore has raised $80 million in primary capital funding in a Series F financing round, the company said Wednesday.
The funding round was led by Insight Partners with participation from new investor Hewlett Packard Enterprise and earlier investors Khosla Ventures, Dell Capital, Rev IV, Glynn Capital and Google Ventures.
The latest round of financing, which follows an $80 million Series E round in December 2020, brings the company’s total funding to $264 million.
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SingleStore develops a distributed relational database system for data-intensive transactional and analytical applications. More recently the company launched a fully managed, cloud-native database service based on its core database technology.
The company has positioned its database software as a higher performing alternative to mainstay database products – most notably Oracle’s flagship relational database software.
In the funding announcement SingleStore, founded in 2011 as MemSQL, said the need for the additional funding was spurred by its rapid growth: The San Francisco-based company has seen a 300 percent-plus increase in new customer acquisition for its cloud database service and 150 percent-plus year-over-year growth in cloud revenue.
“In the digital services economy, there is increasing demand on data in every dimension and this is driving a new technology phase which we call the data-intensive era,” said SingleStore CEO Raj Verma in a statement. “The status quo of stitching together multiple databases built for previous eras isn’t delivering the needed speed, simplicity, or efficiency. SingleStore is the industry’s first database built to solve the challenges of this new era in one database.”
SingleStore works with a range of channel partners including systems integrators and consults such as Cognizant, Tata Consultancy Services, EVOTEK and Business Information Solutions. It also partners with the leading cloud platform providers and technology partners such as Confluent, Informatica, Red Hat, SAS and Talend.
In the last year SingleStore has recruited value-added distribution partners Agile Platform and NEXTGEN and VAR partner CRG Solutions.
“SingleStore has been an incredible partner,” said Jack Ellis, co-founder of Fathom Analytics, which adopted SingleStore for its website analytics service in March of this year. “We are now all-in on their managed service, which has allowed us to drop Redis and MySQL, saving us an absolute fortune in monthly costs. We‘re so grateful for everything they’ve done for us and are excited for this new round of funding, as we know they have big ambitions for their software,” he said in a statement.