We are delighted to announce that SingleStore has raised more than \$36m in a Series C round. The oversubscribed round includes new investors REV Capital, Caffeinated Capital, with full pro rata participation from earlier investors including, Accel (who led our Series B), Khosla Ventures, and Data Collective. When you include the ongoing support of our early investors First Round Capital, In-Q-Tel, IA Ventures, that’s quite the list.
Our investors have looked at the SingleStore technology and how it is providing real-time analytics for the enterprise, and concluded that SingleStore is the leading real-time database platform for analytics and operational workloads.
It’s a milestone day for SingleStore, but understandably the big story now though is what we do next.
We have seen first hand that when it comes to real-time analytics, large enterprises want SQL, they want it fast, and they want it to be easy to use. SingleStore customers, with these capabilities, get to transform their business, and can shift direction as fast as the trends do.
Easy access to real-time data processing provides opportunities to build new applications, or reinvent old ones. SingleStore powers real-time billing applications reaching 6M updates per second. Elsewhere, logistics analytics that previously ran once a week taking 24 hours now run daily and take under an hour to complete.
But perhaps the strongest momentum is the business need for real-time insight. Only 10 years ago when internet connectivity was sporadic, real-time was hard to justify. Today business executives have recognized the power of real-time data to drive new revenue and reduce costs. That business approach combined with a real-time, in-memory database platform is part a new and growing market around real-time applications. SingleStore customers find real value in real-time, and the numbers speak for themselves.
It is no question that things have changed in the database landscape, and the requirements of modern workloads are putting everyone to the test. This financing ensures SingleStore can expand its talented team, fund additional product development, and provide companies a real-time database platform to transform their business.