SingleStore, Inc. raised $80 million in primary capital funding in its series F round – being in cloud business and in cloud-native database built for data-intensive applications.
It indicated that the 300%+ increase in new customer acquisition for its cloud service and 150%+ Y/Y 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 (GV) 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 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, MD, Insight Partners. “SingleStore’s differentiated technology allows customers to unify real-time transactions and analytics in a single database.“
Vinod Khosla, Khosla Ventures, added: “SingleStore is able to reduce data sprawl, run anywhere, and run faster with a single database, replacing legacy databases with the modern cloud.”
In addition to the investor community, 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 VP, 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, 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 total funding to $264 million.