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SingleStore Raises $80 Million, Strikes Strategic Alliance With SAS

Next-gen database developer will use new financing from Insight Partners, Dell Technologies Capital to expand global sales.

Next-generation database developer SingleStore has scored an $80 million Series E round of funding, providing the company with resources to increase its domestic and international sales capacity, expand its engineering team and grow its market presence through extended partnerships.

SingleStore, which changed its name from MemSQL in October, also announced a global strategic relationship with business analytics software developer SAS through which the two companies are integrating the SingleStore database with the massively parallel analytics engine within SAS Viya, that company’s analytics, AI and data management platform.

The latest funding round for San Francisco-based SingleStore brings the company’s total financing to $238 million and giving the company a war chest of $140 million to fuel its growth.

[Related: MemSQL Launches ‘Dear Larry’ Campaign Encouraging Customers To ‘Dump Oracle’]

The new funding round was led by Insight Partners with participation from new financial investor Dell Technologies Capital and equity participation from Hercules Capital. Also joining the round were existing investors Accel, Anchorage, Glynn Capital, GV and Rev IV.

“We received enormous interest in SingleStore from leading investors and we chose to work with Insight Partners for our next phase of hyper growth. It is exciting to partner with an investor of their caliber, which has so much to offer to spur our future growth,” said SingleStore CEO Raj Verma in a statement. “This partnership is a validation that a changing of the guard in the database market is afoot.”

SingleStore, founded in 2011, develops and markets a high-performance, distributed relational SQL database that’s capable of performing both transactional and data analytics tasks. The product competes with mainstream database software like the Oracle Database and Microsoft SQL Server, as well as newer “NoSQL” databases.

“The challenges of today require a technology built to address the need for real-time insights at unprecedented speed and across hybrid, multi-cloud environments,” Verma said. “Our partnership with SAS, the custodian of the most sought after and complex data workloads in the world, is validation of this market movement.”

The vendor works with systems integrators and consulting partners including Infosys, Tata Consulting Services, Cognizant, Evotek and Business Information Solutions. Last month the company announced a relationship with Nextgen, a value-added distributor in the Asia-Pacific region, to expand its market footprint across Asia, Australia and New Zealand.

SingleStore made the CRN Big Data 100 2020 list under the original MemSQL name.

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