New Funding Will Provide Database Innovator With Access to More Than $140 Million in Capital
SingleStore, The Database of NowTM, today announced $80 million in new funding and a partnership with advanced analytics leader SAS. Insight Partners led the Series E round, with participation from new financial investor Dell Technologies Capital and equity participation from Hercules Capital. Existing investorsAccel, Anchorage, Glynn Capital, GV and Rev IV also participated.
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“As industry after industry reinvents itself using software, there will be accelerating market demand for predictive applications that can only be powered by fast, scalable, cloud-native database systems like SingleStore’s”
This round, which brings SingleStore’s total funding to $238 million, means the company has more than $140 million in cash to increase its domestic and international sales capacity; expand its engineering team; increase its market prominence by further extending its partnerships; and grow its customer base to enable a game-changing 2021 for SingleStore and its customers.
“We received enormous interest in SingleStore from leading investors and we chose to work with Insight Partners for our next phase of hyper growth. It is exciting to partner with an investor of their caliber which has so much to offer to spur our future growth. This partnership is a validation that a changing of the guard in the database market is afoot,” said SingleStore CEO Raj Verma. “The challenges of today require a technology built to address the need for real-time insights at unprecedented speed and across hybrid, multi-cloud environments. Our partnership with SAS, the custodian of the most sought after and complex data workloads in the world, is validation of this market movement. I could not be more excited to partner with a company I’ve always greatly admired for both its software and culture. It is an honor and a privilege.”
Founded in 2011, SingleStore’s technology provides data solutions to leading companies across the world with more than 1,000 organizations using it to better their data strategy. SingleStore has more than 250 employees with offices in five countries, and more than 10 strategic global VAR partners. The company strives to accelerate innovation in its endeavor to fundamentally change the siloed world of data by enabling companies to have a more holistic view of their data, while preserving the familiarity and ease of integration of SQL. Its proprietary, simplified, data-agnostic approach uniquely provides one platform for all data, built so that organizations of all types can act with informed insights to make business-critical decisions fast.
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“As industry after industry reinvents itself using software, there will be accelerating market demand for predictive applications that can only be powered by fast, scalable, cloud-native database systems like SingleStore’s,” said Lonne Jaffe, managing director at Insight Partners. “Insight Partners has spent the past 25 years helping transformational software companies rapidly scale-up, and we’re looking forward to working with Raj and his management team as they bring SingleStore’s highly differentiated technology to customers and partners across the world.”
“Across industries, SAS is running some of the most demanding and sophisticated machine learning workloads in the world to help organizations make the best decisions. SAS continues to innovate in AI and advanced analytics, and we partner with companies like SingleStore that share our curiosity about how data and analytics can help organizations reimagine their businesses and change the world,” said Oliver Schabenberger, COO and CTO at SAS. “Our engineering teams are integrating SingleStore’s scalable SQL-based database platform with the massively parallel analytics engine SAS Viya. We are excited to work with SingleStore to improve performance, reduce cost, and enable our customers to be at the forefront of analytics and decisioning.”
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