US-based database software provider SingleStore secured $80m yesterday in a series F round featuring computer makers Dell and Hewlett Packard, analytics services provider Relx and internet and technology conglomerate Alphabet.
The round was led by Insight Partners and included Khosla Ventures and Glynn Capital, while Alphabet, Dell, Hewlett Packard and Rexl invested through GV, Dell Technologies Capital, Hewlett Packard Enterprise and Rev IV respectively. It valued the company at $940, sources told TechCrunch.
Founded in 2011 as MemSQL, SingleStore operates a flexible cloud data base service, using machine learning and artificial intelligence to process all of a customer’s data through a single database. The round brings its total funding to $264m.
Proceeds will be used to accelerate the company’s growth, and it has already experienced a 150% year-on-year increase in revenue and 300% increase in customer acquisition.
Insight Partners also led SingleStore’s $80m series E round in December 2020, with GV, Dell Technologies Capital, Rev, Glynn Capital, Hercules Capital, Anchorage Capital Group and Accel also investing.
Before rebranding, SingleStore had closed a $30m series D round in 2018 backed by GV, Glynn Capital, Accel, Caffeinated Capital, Data Collective and IA Ventures.
Accel had reupped from the company’s $36m series C round, in 2016, which included Rev, Khosla Ventures, Caffeinated Capital, Data Collective, IA Ventures and First Round Capital. It came after Accel led a $35m series B in 2014 that also featured Khosla Ventures, IA Ventures, First Round and Data Collective.
Raj Verma, chief executive of SingleStore, 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 is not 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.”
