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SingleStore Raises Second $80 Million-Dollar Funding Round in 10 Months

SingleStore Raises Second $80 Million-Dollar Funding Round in 10 Months
SingleStore Raises Second $80 Million-Dollar Funding Round in 10 Months

Source: SingleStore

SingleStore announced $80 million in Series F funding, making it the second time since December the company has raised such a dollar amount. The round includes participation from new and existing investors and brings SingleStore’s total funding earned to $264 million. MemSQL re-branded to SingleStore in October 2020. The new vision for SingleStore is the ability to access data no matter where it is located, even if its location is beyond the platform, via federated access. Formerly MemSQL Helios, SingleStore Managed Service will continue to offer a translytical database with converged transactional and analytical capabilities.

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SingleStore can ingest and transform millions of events per day while also analyzing billions of rows of data using standard SQL. It can be deployed on-prem, in the cloud via Amazon Web Services or Microsoft Azure, or as a service including drop-in compatibility with existing middleware, integration, and BI software. The tool offers excellent real-time data streaming capabilities, and now provides more efficient query isolation for large volumes of data and many users.

SingleStore indicated that the 300 percent increase in new customer acquisition for its cloud service and 150 percent year-over-year growth in cloud revenue led to raising a new round. SingleStore also continues to invest in its product engineering and aims to expand its footprint and team of experts to new geographies.

In a media statement on the news, SingleStore CEO Raj Verma said: “In the digital services economy, there is increasing demand on data in every dimension, and this is driving a new technology phase which we call the data-intensive era. The status quo of stitching together multiple databases built for previous eras isn’t delivering the needed speed, simplicity, or efficiency. SingleStore is the industry’s first database built to solve the challenges of this new era in one database.”

Read SingleStore Raises $80M, Delivers Cure for Database Sprawl in the company’s blog to learn more.

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