San Francisco-based in-memory database provider Redis Labs has raised $60 million in Series E venture capital. The round, which is the company’s seventh since its founding in 2011, brings the company’s total funding earned to nearly $147 million. Redis plans to hasten its global market execution and invest deeper in its user community with the new funds. The round included participation from new and existing investors, including Goldman Sachs Private Capital Investing, Bain Capital Ventures and Dell Technologies Capital.
Redis Labs is best known for its Redis Enterprise, a database product that takes advantage of modern in-memory technologies like NVMe and Persistent Memory to provide deployment over cloud and on-prem data centers. The solution features native data structures and a variety of data modeling techniques such as streams, graph, document and machine learning with a real-time search engine. Redis has also had considerable success entering strategic partnerships with vendors such as Pivotal and Red Hat.
In a statement to Solutions Review, the company’s co-founder and CEO Ofer Bengal said of the news: “We are building Redis Labs to be a leading database company that captures a significant piece of the $60 billion database market. This market is being disrupted with a flow of new technologies, for the first time since it started in the 70’s. However, in this competitive environment, you have to be aggressive and push hard, especially on product development and go-to market, which this financing will allow us to do.”
In addition to being recognized as a January 2019 Gartner Peer Insights Customers’ Choice for Operational Database Management Systems, Redis was named to Deloitte’s North America Technology Fast 500 for the second-straight year.