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Database startup SingleStore today announced that it raised $80 million in a series F funding tranche led by Insight Partners, bringing its total raised to more than $319 million at a post-income valuation “just shy” of $1 billion. Khosla Ventures, Dell Capital, Rev IV, Glynn Capital, and Google Ventures also participated in the round, which CEO Raj Verma says will be place toward item development and enhancing awareness of SingleStore’s managed database service providing.
The adoption of massive information and AI is fueling the demand for scalable database options. According to a Statista survey, 48.5% of respondents at enterprise organizations mentioned that their employers have been driving innovation with information in 2021. Cloud deployments of databases look increasingly eye-catching to corporations transitioning to digital platforms, with Gartner predicting that 75% of all databases will be migrated to a cloud service by 2022.
SingleStore intends to capitalize on the trend. Founded in July 2019 as MemSQL, the platform presents a transactional method for operational information that leverages relational algebra with straightforward, declarative statements. Several years ago, SingleStore rebranded as it evolved beyond in-memory and switched to a tiered storage method with a mix of cloud and hardware technologies.
“Today, we are a cloud company,” Verma, who joined SingleStore as co-CEO in July 2019 alongside cofounders Nikita Shamgunov and Adam Prout, told VentureBeat by means of e mail. “SingleStore is a single database for all data-intensive applications in a hybrid, multicloud environment. [We offer] a unified database to handle both transactional and analytical workloads with separation of storage and compute and system of record capabilities. SingleStore runs fast analytical queries across large, constantly changing datasets with consistently high performance.”
SingleStore claims that its database platform can method a trillion rows per second, up to 1,000 instances more rapidly than some rivals. The business separates storage and compute in an operational and analytic cloud database, enabling clients to ingest billions of rows of information an hour and host databases with more than 60,000 tables.
Verma says that “multiple” clients are operating more than 10 SingleStore databases and that a handful of massive corporations, like GE, have replaced a number of databases with SingleStore. “[We simplify] the support of diverse workloads by reducing operational complexity with the ability to support data-intensive applications with a single database,” he added.
Beating back competitors like Oracle, Snowflake, and MongoDB, Verma says that last year was the “best ever” in the company’s history and that 2021 is outpacing 2020 year-more than-year. SingleStore notched a 300% uptick in new organization acquisition, increasing the startup’s client base to contain Uber, Comcast, Goldman Sachs, Hulu, Cisco, and other individuals in monetary services, software program and software program-as-a-service, media and communications, and power industries.
SingleStore expects to attain 300 workers by the finish of the year, up from 170 this time last year and 275 today. The business not too long ago opened an innovation center in Raleigh, North Carolina and plans to continue expanding in the coming months.