- The fundraising is probably proof of a rise in demand for platforms that facilitate flexible data storage and processing.
- The financing comes in response to a recent product release from SingleStore that enables users to build quick, interactive applications at scale and in real-time.
SingleStore, a provider of databases for cloud and on-premises apps and analytical systems, announced a raise of USD 116 million. Goldman Sachs led this round with new participation from Sanabil Investments. Existing investors such as Dell Technologies Capital, GV, Hewlett Packard Enterprise (HPE), IBM ventures, and Insight Partners, among others, too, participated in the round.
As it continues to steer the road of unprecedented expansion, the company has welcomed a new CFO and general counsel and has raised USD 278M in investments over the past 20 months. According to CEO Raj Verma, the funds will be used to develop new products and expand its employees by the end of the year.
The fundraising is proof of a rise in demand for platforms that facilitate flexible data storage and processing. One application that’s much in demand is big data analytics, or the process of examining data to uncover patterns, correlations, and trends (e.g., customer preferences).
SingleStore’s technology is popularly known as a relational database, which means it identifies and accesses data in relation to other data pieces in the database using a structure of rows and columns. This is opposed to a nonrelational database consisting of a storage model optimized for the type of data it’s storing.
Apart from that, much like any other database system, SingleStore responds to requests (e.g., for a user profile, image, video, or document) in the form of queries for data contained within the database and processes these queries (can come from apps, websites or elsewhere) to return the results.
The San Francisco-based company enables users to run real-time transactions and analytics in a single database. Whether that data is stored across one or multiple repositories, customers using the platform can integrate, monitor, and query their data as a single entity. Possessed with the ability to separate storage and compute, SingleStore claims its platform can process a trillion rows per second, ingest billions of data an hour, and host databases with tens of thousands of tables.
The funding has come close to the appointment of Brad Kinnish as the business’s new chief financial officer. It also coincided with the appointment of Meaghan Nelson as its new general counsel. The C-suite is better prepared to consider potential avenues for business growth, thanks to these two strategic executive recruits, who bring a wealth of expertise to the table.
SingleStore’s rapid growth has been supported by prior investments from IBM Ventures, HPE, and Dell. To provide ultra-fast insights at lower prices, it recently announced a cooperation with SAS and introduced SingleStoreDB with IBM. In the past year, the company has virtually doubled its employees and is still actively hiring to keep up with the demand for its goods and services.
This financing comes in response to a recent product release from SingleStore that enables users to build quick, interactive applications at scale and in real-time. At a virtual launch event, SingleStore will highlight and demonstrate these improvements.
Holger Staude, managing director at Goldman Sachs, said, “By unifying different types of workloads in a single database, SingleStore supports modern applications, which frequently run real-time analytics on transactional data.”
“The company aims to help organizations overcome the challenges of data intensity across multi-cloud, hybrid, and on-prem environments, and we are excited to support SingleStore as it enters a new phase of growth.”
SingleStore CEO Raj Verma added, “Our purpose is to unify and simplify modern data.” “We believe the future is real-time, and the future demands a fast, unified, and high-reliability database — all aspects in which we are strongly differentiated. I am very excited to partner with Goldman Sachs, the beacon of financial institutions, and further, expand our relationship.”
Christoph Malassa, Head of Analytics and Intelligence Solutions, Siemens, said, “At Siemens Global Business Services, we rely on SingleStore to drive our Pulse platform, which requires us to process massive amounts of data from disparate sources.” “The speed and scalability SingleStore provide have allowed us to better serve both our customers and our internal team, and to expand our capabilities along with them, for example, enabling online analytics that previously had to be conducted offline.”
Kinnish said, “I am beyond thrilled to join the team at SingleStore.” It’s such an exciting time in the database industry. Major forces such as the rise in cloud and the blending of operational and transactional workloads are causing the third wave of disruption in the way data is managed. SingleStore by design is a leader in the market, and I am confident we will achieve a lot in the coming year.”
“I couldn’t be more excited to join SingleStore at this important inflection point for the company,” said Nelson. “I feel that my deep experience working closely with companies through the IPO process along with my experience in scaling G and amp;A organizations will be of great value to SingleStore as we continue to achieve new heights.”