US-based database software producer Yugabyte has secured $188m in a series C round featuring computing technology producer Dell, IT services provider Wipro and financial services firm Wells Fargo.
The round was led by Sapphire Ventures at a valuation of more than $1.3bn and also backed by Alkeon Capital, Meritech Capital, Lightspeed Venture Partners and 8VC.
Dell, Wipro and Wells Fargo invested through their respective corporate units: Dell Technologies Capital, Wipro Ventures and Wells Fargo Strategic Capital.
Founded in 2016, Yugabyte provides an open-source distributed database platform based on the SQL programming language, automating the management of public and private databases.
The platform eliminates forced trade-offs between different databases for cloud native applications and combines relational database management system capabilities with cloud native resilience, scale and geo-distribution capabilities.
The capital will be used to further grow Yugabyte’s engineering team and boost the company’s expansion into new markets around the world. Jai Das, president of Sapphire Ventures, joined its board of directors in conjunction with the round.
This round brought the total funding raised by the company to over $290m, it said. It had secured $48m in a March 2021 round led by Lightspeed Venture Partners and backed by Dell Technologies Capital, Wipro Ventures, Greenspring Associates and 8VC.
Yugabyte had received $30m in a June 2020 series B round led by 8VC that also featured Lightspeed Venture Partners, Dell Technologies Capital and Wipro Ventures.
Dell Technologies Capital had previously co-led a $16m round for the company in 2018 with Lightspeed Venture Partners. The latter had led an $8m series A round the previous year that included angel investors such as Jeff Rothschild.