SingleStore Touts Cloud Growth - $80M in Funding
September 14, 2021
has raised $80 million in primary capital funding in its Series F round
– the latest signal of the success of SingleStore’s cloud business and
the adoption of its cloud-native database built for data-intensive
applications. SingleStore indicated that the 300%+ increase in new
customer acquisition for its cloud service and 150%+ year-over-year
growth in cloud revenue led to raising a new round to continue to power
innovation and growth. Insight Partners led the round, with
participation from new investor Hewlett Packard Enterprise. Existing
investors Khosla Ventures, Dell Technologies Capital, Rev IV, Glynn
Capital, and Google Ventures also participated.
“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. “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.”
The round had overwhelming interest in the investor community.
“SingleStore’s first-of-a-kind cloud database is unmatched in speed,
scale, and simplicity by anything in the market,” said Lonne Jaffe,
managing director at Insight Partners. “SingleStore’s differentiated
technology allows customers to unify real-time transactions and
analytics in a single database.” Vinod Khosla from Khosla Ventures added
that “SingleStore is able to reduce data sprawl, run anywhere, and run
faster with a single database, replacing legacy databases with the
addition to the investor community, prominent Industry analysts also
shared their thoughts on today’s announcement. “Enterprises today are
turning to the cloud for speed, scale, and ease to act quickly in the
moments that matter,” says Carl Olofson, research vice president at IDC.
“This funding round, along with its powerful and flexible database
functionality, positions SingleStore as a technology that clearly
exploits the ability of the cloud to satisfy critical data requirements.
Enterprises and developers should consider SingleStore as a potential
key cloud platform for their data needs.”
“SingleStore has been an incredible partner,” stated Jack Ellis,
co-founder of Fathom Analytics. “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.”
This funding follows a Series E round in December 2020 during which
SingleStore raised $80 million. The Series F round brings SingleStore’s
total funding to $264 million.
In addition to gaining growing interest in and amplified backing from
the investment community, SingleStore continues to innovate; expand its
footprint and team of experts to provide customers with more resources
and greater choice; and garner industry recognition.