The following press release appeared on BusinessWire today, with the subhead: Non-Dilutive Financing Provides Tech Company with Added Fuel to Accelerate Growth.
SAN FRANCISCO–(BUSINESS WIRE)–SingleStore, the No-Limits Database for operational analytics and cloud-native applications, has signed a debt facility that provides up to $50 million of new capital. Hercules Capital (NYSE: HTGC), the largest non-bank venture debt provider with more than $2.4 billion in total assets, served as underwriter for the financing.
“This is a strong vote of confidence for SingleStore’s future. Our FY20 financial performance concluded with an impressive 70% growth in annual recurring revenue (ARR), and with a single-digit cash burn, our current ARR vs. cash outlay ratio is less than one,” remarked SingleStore co-CEO Raj Verma. “We are a well-run, well-capitalized business. As we move forward, our charter remains the same. SingleStore will always prioritize our customers’ success by delivering world-class products and services, increasing shareholder value, and contributing to our community in every way we can.”
“This is a strong vote of confidence for SingleStore’s future. Our FY20 financial performance concluded with an impressive 70% growth in annual recurring revenue (ARR), and with a single-digit cash burn, our current ARR vs. cash outlay ratio is less than one.”
SingleStore delivers breakthroughs for modern data workloads spanning transactions, analytics, and AI for leading businesses undergoing digital transformation. SingleStore is a converged data platform leader with hundreds of enterprise customers, including many within the Fortune 500. In 2019, the company launched Managed Service, its cloud database available on AWS, GCP and Azure. SingleStore is proud to work with leading partners such as IBM/Red Hat, Fiserv, Infosys, Tata Consultancy Services and Virtusa to deliver innovative solutions to its customers.
Headquartered in San Francisco, and with offices in Portland, Seattle, Sunnyvale, London, Lisbon, and Kyiv, SingleStore is backed by GV (formerly Google Ventures), Glynn Capital, Accel, Khosla Ventures, Caffeinated Capital, Data Collective, and IA Ventures.
“This structured investment represents a significant commitment from Hercules and provides an example of the breadth of our platform and our ability to finance growth-orientated, institutionally-backed technology companies at various stages. We are impressed with the work that the SingleStore management team has accomplished operationally and excited to begin our partnership with one of the promising companies in the database market,” said Steve Kuo, senior managing director technology group head for Hercules.
SingleStore is The No-Limits DatabaseTM, powering modern applications and analytical systems with a cloud-native, massively scalable architecture for maximum ingest and query performance at the highest concurrency. SingleStore envisions a world where every business can make decisions in real time and every experience is optimized through data. Global enterprises use the SingleStore distributed database to easily ingest, process, analyze, and act on data in order to thrive in today’s insight-driven economy. SingleStore is optimized to run on any public cloud or on premises with commodity hardware. Visit www.singlestore.com or follow us @SingleStoreDB.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) is the leading and largest specialty finance company focused on providing senior secured venture growth loans to high-growth, innovative venture capital-backed companies in a broad variety of technology, life sciences and sustainable and renewable technology industries. Since inception (December 2003), Hercules has committed more than $10.2 billion to over 500 companies and is the lender of choice for entrepreneurs and venture capital firms seeking growth capital financing. Companies interested in learning more about financing opportunities should contact email@example.com, or call 650.289.3060.