July 12, 2022

SingleStore is the Newest Data Unicorn with $116M Funding Round

Graphic courtesy of SingleStore.

SingleStore, provider of a popular relational database, has announced a $116 million extended Series F round led by Goldman Sachs. The company reported a nearly $1.3 billion valuation, launching it into unicorn status.

There is a growing demand for flexible data platforms with increasing amounts of data being ingested and more companies launching big data initiatives. SingleStore offers a fully managed elastic cloud database, as well as database SaaS that can facilitate local, distributed, and highly scalable SQL databases. SingleStoreDB was designed with both transactional and analytic capabilities with its real-time streaming and operational and analytical processing. Additionally, users can integrate, monitor, and query data from one or more separate repositories.

This round was led by the growth equity business within Goldman Sachs Asset Management with new participation from Sanabil Investments. Current investors Dell Technologies Capital, GV, Hewlett Packard Enterprise, IBM ventures and Insight Partners, among others, also participated in the round.

“By unifying different types of workloads in a single database, SingleStore supports modern applications, which frequently run real-time analytics on transactional data,” said Holger Staude, managing director at Goldman Sachs. “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.”

The funding round comes at the heels of a major product update in late June including a Wasm-powered code engine and a dbt adapter. For a deep dive into the platform’s capabilities, SingleStore is hosting a virtual launch event tomorrow July 13 at 10:00 a.m. PT called “[r]evolution 2022.” The event will feature product demos, discussions with industry experts, and a live Q&A session. There will also be a keynote focused on real-time analytics from SingleStore CEO Raj Verma.

This infographic shows how transactional and analytical workloads combine into a unified database. Source: SingleStore

“Our purpose is to unify and simplify modern data,” said Verma. “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.”

This seems to have been a busy year for SingleStore so far. The company began 2022 with collaborations with IBM and SAS and recently announced a partnership with Intel in its Disruptor Initiative to optimize the performance of SingleStoreDB on current and future Intel architectures.

The company has also nearly doubled its staff in the past year and is continuing its hiring. Earlier this year, Shireesh Thota joined as SVP of Engineering, alongside Yatharth Gupta became VP of Product Management, and Brad Kinnish was named CFO. Today the company announced Meaghan Nelson as general counsel.

“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&A orgs will be of great value to SingleStore as we continue to achieve new heights.”

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