Database Firm SingleStore Scores $80M in Series F Funding
SingleStore has announced a successful Series F funding round, netting $80 million in primary capital funding. The database firm, which offers both managed cloud database services and database software, has now raised a total of $264 million. The funding round was led by Insight Partners, joined by existing investors Khosla Ventures, Dell Technologies Capital, Rev IV, Glynn Capital, and Google Ventures, as well as new investor HPE.
The company’s two core products are its managed service, marketed as a fully-managed elastic cloud database, and database software that enables local, distributed, highly scalable SQL databases. “SingleStore’s first-of-a-kind cloud database is unmatched in speed, scale, and simplicity by anything in the market,” said Lonne Jaffe, managing director at Insight Partners. “SingleStore’s differentiated technology allows customers to unify real-time transactions and analytics in a single database.”
“To keep up with the multi-dimensional demands for data, the common solution has been to wire together multiple databases,” explained Suresh Sathyamurthy, senior vice president for marketing and growth at SingleStore, in a blog post. “These separate databases may well be individually fast and scalable, but each one is niche – only able to handle one type of data workload.”
“The status quo of stitching together multiple databases built for previous eras isn’t delivering the needed speed, simplicity, or efficiency,” added SingleStore CEO Raj Verma. “SingleStore is the industry’s first database built to solve the challenges of this new era in one database.”
SingleStore reported that it saw substantial growth in its products over the last year. “This is evidenced in a 300%+ increase in new customers for our multi-cloud managed service offering and 150% YOY growth in cloud revenue,” wrote Sathyamurthy. “We’re thrilled that this upward trajectory has enabled us to raise an additional round of $80M in new funding.”
The company took the opportunity to tout its customers, as well, including Uber (which uses SingleStore for low-latency database queries), Thorn (which uses SingleStore to help find missing children), and IEX Cloud (which uses SingleStore to host financial data).
As far as what they’ll do with the money, SingleStore says it has “big plans for the future” – but didn’t elaborate much beyond “[continuing] to innovate to make our product better and push the boundaries of data science”.
The new funding round comes on the heels of a prior funding round in December 2020, which also raised $80 million. To learn more about the funding round, read the blog post from Suresh Sathyamurty at this link.