Sequoia Capital and Greylock triple down on their investment, as Rockset leads the push to cloud-native real-time analytics
Rockset, the real-time indexing database company, announced it has raised $40 million in Series B funding, bringing the total amount raised to $61.5 million. Sequoia led the oversubscribed round with participation from Greylock, after the two leading venture capital firms co-led the Series A and seed. The funding will be used to grow the team to accelerate product innovation and expand go-to-market efforts.
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“More data is in motion than ever before. To harness the full power of that data, companies are now building modern data applications that extract real-time insights and take immediate action. These types of applications demand real-time analytics like never before,” said Mike Vernal, partner at Sequoia. “Rockset, with its innovative new approach to indexing data, has quickly emerged as a true leader for real-time analytics in the cloud. I’m thrilled to partner with the company through its next phase of growth.”
Examples of modern data applications include real-time personalization and recommendation engines on e-commerce sites, real-time supply chain logistics and delivery tracking systems, gaming leaderboards, fraud detection systems, health and fitness trackers, social media newsfeeds and more. According to a recent McKinsey Global Survey evaluating executive responses to the COVID-19 pandemic, “companies have accelerated the digitization of their customer and supply-chain interactions and of their internal operations by three to four years. And the share of digital or digitally enabled products in their portfolios has accelerated by a shocking seven years.”
“Modern data applications demand greater speed and scale than ever seen before,” said Venkat Venkataramani, co-founder and CEO of Rockset. “First generation real-time analytics systems like Elasticsearch and Apache Druid are not optimized for scaling in the cloud. Just like Snowflake created a seismic shift in the data warehousing landscape, Rockset is redefining the real-time analytics category with a serverless approach optimized for incredible speed and simplicity at cloud scale. As we continue to increase our momentum, I’m excited to further our relationship with Greylock and Sequoia with this new round of funding.”
Rockset is seeing phenomenal growth as real-time analytics become critical success factors for organizations of all sizes. In the last quarter, revenue grew 290%, and the company added hundreds of new users, while the aggregate number of queries executed on the platform increased by 313%. Rockset has proven to be a critical piece of the stack for building modern data applications.
One of Rockset’s customers, Command Alkon, automates heavy civil construction logistics. “Over 80% of North America’s concrete delivery tickets are generated from our systems. We track millions of job tickets on any given day and being able to search, analyze and act on this data in real-time is mission critical for us. We have embraced a modern serverless stack, and we chose Rockset over Elasticsearch for our application,” said Doug Moore, VP of Cloud at Command Alkon. “We absolutely love Rockset. It’s a game changer for us.”
