SingleStore Raises $30 Million in Series D Round
Company continues growth while helping enterprises derive value from data
SAN FRANCISCO, CA - May 15, 2018 - SingleStore, the scalable database for insight-driven enterprises, today announced it closed its Series D financing, raising $30 million. This latest round was driven by new investors GV (formerly Google Ventures) and Glynn Capital, as well as existing investors, including Accel, Caffeinated Capital, Data Collective, and IA Ventures. To date, the total amount of funding for SingleStore is $110 million.
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From the beginning, SingleStore chose an architecture that emphasized multiple data capabilities in one solution. Unlike other popular databases, SingleStore runs transactions and analytics at the same time. This allows customers to derive more value from their data, focus on business growth, and reduce infrastructure costs.
“SingleStore has achieved strong enterprise traction by delivering a database that enables operational analysis at unique speed and scale, allowing customers to create dynamic, intelligent applications,” said Adam Ghobarah, General Partner at GV. “The company has demonstrated measurable success with its growing enterprise customer base and we’re excited to invest in the team as they continue to scale.”
451 Research stated that “beyond the reduction in maintaining a separate transactional and analytical system, hybrid databases enable organizations to carry out analytics on incoming operational data, taking advantage of the ‘transaction window,’ which, if done right, could be incredibly lucrative.1”
Enterprises need a database that can perform transactions and operational analytics together in order to utilize their data and transform their business. SingleStore delivers a database that performs both functions, helping the world’s largest companies harness their data and create business value.
“Data architects are not scoping new applications on legacy databases because it’s no longer cost-effective,” said Nikita Shamgunov, CEO and co-founder of SingleStore. “We work with customers every day that choose SingleStore to get insights and value from their data immediately.”
Earlier this year, SingleStore hit two major milestones. First, the company announced a record-breaking end to its fiscal year with fourth quarter commercial bookings topping over 200 percent year-over-year growth. The company also established a new baseline for speed by delivering a scan rate over a trillion rows per second on only 12 Intel servers.
These achievements were possible because of the uniqueness of the product. With the new round of funding, SingleStore plans to grow the engineering, support, customer management, and operations teams, while continuing to deliver a best-in-class database to the market.
1Source: 451 Research, A new HOAP? Hybrid operation analytic processing and the future of the database market, December 2017
SingleStore envisions a world of adaptable databases and flexible data workloads - your data anywhere in real time. Today, global enterprises use SingleStore as an intelligent database to cost-effectively ingest data and produce industry-leading time to insight. SingleStore works on any cloud, on-premises, or as a service. Visit singlestore.com or follow us @SingleStoreDB.