{"id":1216411,"date":"2022-10-04T19:55:28","date_gmt":"2022-10-04T19:55:28","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/10\/04\/singlestore-raises-30m-more-to-bring-its-database-tech-to-new-customers\/"},"modified":"2022-10-04T19:55:28","modified_gmt":"2022-10-04T19:55:28","slug":"singlestore-raises-30m-more-to-bring-its-database-tech-to-new-customers","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/10\/04\/singlestore-raises-30m-more-to-bring-its-database-tech-to-new-customers\/","title":{"rendered":"SingleStore raises $30M more to bring its database tech to new customers \u2022"},"content":{"rendered":"

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Months after bagging $116 million in an extension of its Series F round, database vendor SingleStore this week announced that it raised an additional $30 million from investors, including Prosperity7, the venture arm of Saudi Aramco. The Series F \u2014 or \u201cSeries F-2,\u201d technically \u2014 now stands at $146 million, bringing SingleStore\u2019s total raised to $412 million (notwithstanding an as-yet unused $50 million credit line from Silicon Valley Bank).<\/p>\n

In an email interview with , Raj Verma said that the new capital will be put toward product development and engineering efforts as well as supporting investments in sales. He also said that it\u2019ll be used to fund geographic expansion as SingleStore eyes a broader swath of customers across Europe and Asia.<\/p>\n

\u201cSingleStore helps businesses adapt more quickly, embrace diverse data and accelerate digital innovation by operationalizing all data through one platform,\u201d Verma said. \u201cIts proprietary, simplified, data-agnostic approach is built so that organizations can act with informed insights to make business-critical decisions fast.\u201d<\/p>\n

SingleStore was founded as MemSQL in 2011 by Eric Frenkiel, Adam Prout and Nikita Shamgunov; Verma became the CEO in 2020 after a year in a co-CEO role. The company\u2019s technology is what\u2019s known as a relational database, meaning it uses a structure of rows and columns to identify and access data in relation to other data components in the database.<\/p>\n

By separating storage and compute, Verma claims that SingleStore\u2019s database platform can process a trillion rows per second, ingest billions of rows of data an hour and host databases with tens of thousands of tables. Use cases span\u00a0real-time analytics, operational AI, predictive maintenance and pretty much any other app or service that relies on a structured database for storage.\u00a0<\/span><\/p>\n

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Among other rivals, SingleStore competes with\u00a0Imply, Oracle, Snowflake and\u00a0MongoDB for relational database service market share. But with roughly 300 customers, the nearly-400-employee company \u2014 whose valuation remains above $1 billion \u2014 appears well-positioned for expansion in the growing market for database services.<\/p>\n

Venture funding continues to pour into the so-called \u201cbig data\u201d analytics market, particularly where it concerns startups offering cloud products and services. As John Foley notes in a recent piece, five companies \u2014 Dbt Labs, Hasura, Redpanda Data, Semi Technologies and Timescale \u2014 together pulled in a total of nearly $500 million in new investments during the first few months of 2022 alone.<\/p>\n

Gartner\u00a0predicts that 75% of all databases will be migrated to a cloud service by 2022. And according to\u00a0one survey, the number of firms investing more than $50 million a year in big data and AI initiatives rose to 33.9% in 2019.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Months after bagging $116 million in an extension of its Series F round, database vendor SingleStore this week announced that it raised an additional $30 million from investors, including Prosperity7, the venture arm of Saudi Aramco. The Series F \u2014 or \u201cSeries F-2,\u201d technically \u2014 now stands at $146 million, bringing SingleStore\u2019s total raised to […]<\/p>\n","protected":false},"author":1,"featured_media":1216412,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-1216411","post","type-post","status-publish","format-standard","has-post-thumbnail","category-celebrity-gossip"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1216411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1216411"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1216411\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1216411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1216411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1216411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}