• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Real-time database platform SingleStore raises $80M more, now at a $940M valuation

September 8, 2021 by David Barret Leave a Comment

Organizations are swimming in data these days, and so solutions to help manage and use that data in more efficient ways will continue to see a lot of attention and business. In the latest development, SingleStore — which provides a platform to enterprises to help them integrate, monitor and query their data as a single entity, regardless of whether that data is stored in multiple repositories — is announcing another $80 million in funding, money that it will be using to continue investing in its platform, hiring more talent and overall business expansion. Sources close to the company tell us that the company’s valuation has grown to $940 million.

The round, a Series F, is being led by Insight Partners, with new investor Hewlett Packard Enterprise, and previous backers Khosla Ventures, Dell Capital, Rev IV, Glynn Capital, and GV (formerly Google Ventures) also participating. The startup has to date raised $264 million, including most recently an $80 million Series E as recently as last December, just on the heels of rebranding from MemSQL.

The fact that there are three major strategic investors in this Series F — HPE, Dell and Google — may say something about the traction that SingleStore is seeing, but so too do its numbers: 300%+ increase in new customer acquisition for its cloud service and 150%+ year-over-year growth in cloud

Raj Verma, SingleStore’s CEO, said in an interview that its cloud revenues have grown by 150% year over year and now account for some 40% of all revenues (up from 10% a year ago). New customer numbers, meanwhile, have grown by over 300%.

“The flywheel is now turning around,” Verma said. “We didn’t need this money. We’ve barely touched our Series E. But I think there has been a general sentiment among our board and management that we are now ready for the prime time. We think SingleStore is one of the best kept secrets in the database market. Now we want to aggressively be an option for people looking for a platform for intensive data applications or if they want to consolidate databases to 1 from 3, 5 or 7 repositories. We are where the world is going: real-time insights.”

With database management and the need for more efficient and cost-effective tools to manage that becoming an ever-growing priority — one that definitely got a fillip in the last 18 months with Covid-19 pushing people into more remote working environments. That means SingleStore is not without competitors, with others in the same space including Amazon, Microsoft, Snowflake, PostgreSQL, MySQL, Redis and more. Others like Firebolt are tackling the challenges of handing large, disparate data repositories from another angle. (Some of these, I should point out, are also partners: SingleStore works with data stored on AWS, Microsoft Azure, Google Cloud Platform, and Red Hat, and Verma describes those who do compute work as “not database companies; they are using their database capabilities for consumption for cloud compute.”)

But the company has carved a place for itself with enterprises and has thousands now on its books, including GE, IEX Cloud, Go Guardian, Palo Alto Networks, EOG Resources, and SiriusXM + Pandora.

“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, in a statement. “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 modern cloud.”

Source Link Real-time database platform SingleStore raises $80M more, now at a $940M valuation

David Barret
David Barret

Related posts:

  1. In Buenos Aires downtown, a city seeks new lease of life after pandemic ‘iceberg’
  2. Brazil President Jair Bolsonaro signs decree changing social media regulations
  3. Japan PM candidate Kishida calls for $270 billion-plus stimulus package -media
  4. Soccer-FIFA chief says Brazil game abandonment was ‘crazy’

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • Distinctive Rocks Might Be Remnants Of Earth Before The Collision That Made The Moon
  • Bright Northern Lights Across America Expected This Week As 3 Coronal Mass Ejections Fly Towards Earth
  • Brain Implant Enables Paralyzed Man To Feel And Use Objects Using Someone Else’s Hands
  • “This Is A Really Big Deal”: Brain Training Significantly Improves Key Neurochemical Levels In World First
  • “Wholly Unexpected”: First-Ever Fossil Paranthropus Hand Raises Questions About Earliest Tool Makers’ Identity
  • For Centuries, Nobody Knew Why Swiss Cheese Has Holes. Then, The Mystery Was Solved.
  • Scientists Studied The Infamous “Chicago Rat Hole” And They Have Some Bad News
  • Massive 166-Million-Year-Old Sauropod Footprints Become The Longest Dinosaur Trackway In Europe
  • Do Spiders Dream? “After Watching Hundreds Of Spiders, There Is No Doubt In My Mind”
  • IFLScience Meets: ESA Astronaut Rosemary Coogan On Astronaut Training And The Future Of Space Exploration
  • What’s So Weird About The Methuselah Star, The Oldest We’ve Found In The Universe?
  • Why Does Red Wine Give Me A Headache? Many Scientists Blame It On The Grape Skins
  • Manta Rays Dive Way Deeper Than We Thought – Up To 1.2 Kilometers – To Explore The Seas
  • Prof Brian Cox Explains What He Finds “Remarkable” About Interstellar Object 3I/ATLAS Story
  • Pioneering “Pregnancy Test” Could Identify Hormones In Skeletons Over 1,000 Years Old
  • The First Neolithic Self-Portrait? Stony Human Face Emerges In 12,000-Year-Old Ruins At Karahan Tepe
  • Women Are Diagnosed With ADHD 5 Years Later Than Men, Even With Worse Symptoms
  • What Is Cryptozoology? We Explore The History And Mystery Of This Controversial Field
  • The Universe’s “Red Sky Paradox” Just Got Darker: Most Stars Might Never Host Observers
  • Uranus And Neptune May Not Be “Ice Giants” But The Solar System’s First “Rocky Giants”
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version