US-based database software provider Redis Labs secured $44m yesterday in a series D round featuring Dell Technologies Capital, the corporate venturing subsidiary of computing hardware producer Dell.
The round was led by Goldman Sachs Private Capital Investing, a division of investment banking firm Goldman Sachs, and included venture capital firm Carmel Ventures and Bain Capital Ventures, the VC branch of private equity firm Bain Capital.
Founded in 2011, Redis Labs has developed an open-source in-memory database platform called Redis as well as a business-focused product called Redis Enterprise. It will use the series D capital to expand its partner ecosystem and accelerate commercialisation.
Ofer Bengal, Redis Labs’ co-founder and CEO, said: “This funding round is a testament to the growing market demand and adoption of the open source Redis and Redis Enterprise to power next-generation applications as real-time, ultra-responsive capabilities become mandatory.
“The investment will support our continued market penetration and allow us to meet the enterprise demand we are seeing for a modern in-memory database platform across wider geographies and industry sectors.”
Redis Labs has now raised $86m in total, its last round being a $14m series C in July 2016 that was co-led by Bain Capital Ventures and Carmel Ventures and backed by Silicon Valley Bank (SVB) and individual investor Zohar Gilon.
Bain Capital Ventures and Carmel Ventures had previously co-led the company’s $9m series A round in 2013 and its $15m series B two years later, the latter also featuring an investment by SVB.