California-headquartered SingleStore has raised $80 million in primary capital funding in its Series F round. The round was led by Insight Partners, with participation from new investor Hewlett Packard Enterprise. Existing investors Khosla Ventures, Dell Technologies Capital, Rev IV, Glynn Capital, and Google Ventures also participated.
“In the digital services economy, there is increasing demand on data in every dimension, and this is driving a new technology phase which we call the data-intensive era. The status quo of stitching together multiple databases built for previous eras isn’t delivering the needed speed, simplicity, or efficiency. SingleStore is the industry’s first database built to solve the challenges of this new era in one database,” said Raj Verma, CEO, SingleStore.
SingleStore indicated that the 300%+ increase in new customer acquisition for its cloud service and 150%+ year-over-year growth in cloud revenue led to raising a new round to continue power innovation and growth.
In an earlier interview with us, Gaurav Dhall, the Vice President, APJ & Middle East, Managing Director, India at SingleStore, said that SingleStore, with its current innovation and offers, can be considered one of the top five players in this field. And, very soon, they are aiming to be one of the prominent players in the space of universal storage.
Lonne Jaffe, Managing Director, Insight Partners, said, “SingleStore’s first-of-a-kind cloud database is unmatched in speed, scale, and simplicity by anything in the market. SingleStore’s differentiated technology allows customers to unify real-time transactions and analytics in a single database.”
This funding follows a Series E round in December 2020, during which SingleStore raised $80 million. The Series F round brings the company’s total funding to $264 million.
In addition to gaining growing interest in and amplified backing from the investment community, SingleStore continues to innovate, expand its footprint and team of experts to provide customers with more resources and greater choice, and garner industry recognition.