The pace of global business increases every day, and all business is now fundamentally data-driven.
To thrive in this modern digital services economy, it’s imperative to respond to customer requests in real time and access business insights on a second-by-second basis. These requirements are driving the creation and usage of massive volumes of data. As a result, applications across all industries and use cases are becoming increasingly data-intensive.
To keep up with the multi-dimensional demands for data, the common solution has been to wire together multiple databases. These separate databases may well be individually fast and scalable, but each one is niche - only able to handle one type of data workload. Wiring them together requires data duplication and movement. This “database-per-workload” approach carries a high cost of maintenance and creates database sprawl. Cloud vendors follow this approach, but they may have as many as 15 databases - good for them, not so good for you. In the cloud, you pay for every byte you store, every byte you move, and every cycle of the CPU - forever.
But it doesn’t have to be that way. SingleStore’s super fast, multi-model, multi-cloud database is the only database you will ever need. Day after day, the customers that use SingleStore are helping us prove that we can deliver the cure for database sprawl, and the answer to the data-intensity challenge. This is evidenced in a 300%+ increase in new customers for our multi-cloud managed service offering and 150% YOY growth in cloud revenue who use SingleStore for some of the fastest and most demanding data intensive applications in the world.
Our Investors Have Doubled Down
We’re thrilled that this upward trajectory has enabled us to raise an additional round of $80M in new funding. This Series F round was led by New York-based global venture capital and private equity firm Insight Partners, with participation from new investor Hewlett Packard Enterprise, and existing investors Khosla Ventures, Dell Technologies Capital, Rev IV, Glynn Capital, and Google Ventures. Continued interest from the investor community validates our product direction and our innovation in cloud database managed services. The investment adds to our total funding of $263M and will continue to fuel our triple-digit growth.
But Money Can’t Buy Us Love
While we are grateful to our investors - it’s really our customers to whom we owe our biggest debt of gratitude. From disruptive developers who use SingleStore to build applications and deliver products that are truly changing the world, to global industry leaders who need to change their data status-quo to respond to those disruptors - our customers love what SingleStore allows them to do.
Uber uses up-to-date information to entice customers, direct drivers, and run their business on a database that provides answers with sub-second response times. SingleStore helped solve critical latency issues for the company at a critical point in its growth.
SingleStore customer Thorn has built their application to find missing children using our managed service database, making use of several unique features in SingleStore, such as vector matching for facial recognition, and full text search for text analysis.
IEX Cloud streamlined the process of making financial data available to customers by using SingleStore to store real-time and historical data in the same place. They were able to standardize multiple data sets into one format and one API, which greatly reduced complexity.
For our customers, making the best decisions at every moment requires bringing all the relevant real-time and historical data together to process, query, and serve. For us at SingleStore, delivering on these moments that matter to our customers is what gets us up in the morning. And earns us lots of love.
The Places We’ll Go
We have big plans for the future. We will continue to innovate to make our product better and push the boundaries of data science to bring more capabilities to our customers. We are committed to providing the world’s fastest database for data-intensive applications, and will lead the way among a new class of modern databases which are distributed, relational, cloud-native, and multimodal.
We will support the builders, those developers who need a competitive advantage through improved customer experience in SaaS applications, with a database that can scale with them as they grow. We will continue to help our enterprise customers improve performance, reduce operational cost and complexity, and get better visibility into the insights that power their business.
If you would like to learn more about what SingleStore can do to solve your data challenges, there is an open invitation to try our product at no cost.
Additionally, we will invest in the best and brightest talent to help accomplish our goal of providing the world’s fastest database for data-intensive applications. We are growing fast and actively seeking new talent across all functions of our organization.
If you are interested in joining SingleStore, please explore our career opportunities.