Data is a constant problem in organizations today. This means that solutions to manage and make data more efficient will continue to be a hot topic. SingleStore, which offers a platform for enterprises to integrate, monitor, and query their data in a single entity regardless of whether it is stored in multiple repositories, has announced another $80 million in funding. This money will be used to invest in its platform, hire more talent, and expand its business. According to sources close to the company, the company's value has risen to $940 million.
Insight Partners is leading the Series F round. Previous backers Khosla Ventures and Rev IV, Glynn Capital and GV (formerly Google Ventures), are also involved. To date, the startup has raised $264 million. The most recent round was a $80 million Series E in December. This follows a rebranding of MemSQL.
SingleStore's traction may be reflected in the presence of three strategic investors in Series F HPE. These are Dell, Google, and Google. However, SingleStore's numbers speak for themselves: 300%+ increase on new customers and 150%+ growth year-over-year in cloud services.
SingleStores CEO Raj Verma stated that the company's cloud revenues have increased by 150% year-over-year and account for 40% of all revenues, up from 10% last year. The number of new customers has increased by more than 300%.
Verma stated that the flywheel is now turning in the opposite direction. This money was not needed. Our Series E has barely been touched. However, I believe there is a consensus among our board members and management that we are ready for prime time. SingleStore is a great database platform. We want to be a viable option for anyone looking for an advanced data application platform or to consolidate their databases to one repository from three, five or seven. We have real-time insight and are leading the way for the future of data.
Database management has become a growing priority. This was evident in the 18 months that Covid-19 saw, with people moving to remote work environments. SingleStore faces competition from other companies such as Amazon, Microsoft and Snowflake. Firebolt is another company that tackles the problem of managing large and disparate data repositories differently. (Some of these are partners, I should add. SingleStore works with data stored in AWS, Microsoft Azure and Google Cloud Platform. Verma refers to those who do compute work not as database companies. They are using their database capabilities to consume cloud compute.
The company has made a name for itself among enterprises, with thousands of clients, including GE and IEX Cloud and Palo Alto Networks and EOG Resources.
SingleStores unique cloud database is unparalleled in speed, scale and simplicity, according to Lonne Jaffe (Managing Director at Insight Partners). SingleStores unique technology allows customers unify real-time transaction and analytics in one database. SingleStore can reduce data sprawl, run anyplace, and run faster than legacy databases by replacing them with the modern cloud.
