Redpoint Ventures Leads Latest Series C Round with Reinvestment from Kleiner Perkins and Lightspeed Venture Partners
Materialize, the streaming SQL database company, today announced $60 million in Series C funding, bringing the company’s total funding to over $100 million. The round was led by Logan Bartlett from Redpoint Ventures, with additional investors including Kleiner Perkins, who led the Series B, and Lightspeed Venture Partners, who led the Series A.
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The new round of funding occurs against a backdrop of steady business growth for Materialize and shows the strength of the market demand for true real-time data streaming solutions. The funding will be used to further accelerate the development and adoption of Materialize’s industry-leading data streaming technology.
“Streaming data is driving the most innovative applications and services being built today.” said Arjun Narayan, co-founder and CEO, Materialize. “This funding is validation in our mission to make it simple for any business to use streaming data without the cost and complexity of using non-standard languages or custom microservices that are expensive to build and hard to maintain.”
A recent IDC Global Datasphere report estimates that over 138 zetabytes of new data will be created in 2024, of which 24% is expected to be real-time data. However, most businesses today are limited in how fast they can generate data-driven insights due to batch-oriented data pipelines or clunky software. The adoption of real-time data streaming is enabling organizations to quickly pivot resources and respond to business events in real-time, with precision and efficiency.
Materialize is the first standard SQL interface for streaming data available to engineers, allowing them to build complex queries and multiway joins without needing any specialized skills or microservices. Unlike other streaming data platforms that claim to be real-time, Materialize computes and incrementally maintains data as it is generated so query results are accessible the moment they are needed. This approach provides businesses with correct answers in milliseconds.
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In the past six months, Materialize has grown its developer community to over 980 people and attracted a wide range of new customers including Density, an IoT-focused space utilization company, and Kepler Cheuvreux, an independent European financial services company.
“After trial-and-erroring multiple SQL streaming solutions, we landed on Materialize as the only streaming solution capable of integrating with our existing third-party applications and business intelligence tools,” said Jean-François Perreton, head of algo quant at Kepler Cheuvreux. “Other solutions in the market were only able to generate real-time insights for select parts of a SQL query. However, Materialize could support our existing Postgres workflow without a significant ramp-up or additional training.”
