US-based database software producer Yugabyte has raised $48m in a round led by venture capital firm Lightspeed Venture Partners and backed by computer technology provider Dell and IT services firm Wipro.
Dell and Wipro participated in the round through corporate venturing units Dell Technologies Capital and Wipro Ventures respectively, alongside VC firms Greenspring Associates and 8VC. It is an extension to the company’s series B round, which stood at $30m as of June 2020, according to TechCrunch.
Founded in 2016, Yugabyte provides an open-source distributed database platform based on the SQL programming language. The software automates the management of public and private databases and includes a platform for cloud-based operations.
The proceeds of the round will support the expansion of the company’s research and development, sales and customer service teams in the Europe, Middle East and Africa (EMEA) and Asia-Pacific (APAC) regions. It also intends to double headcount this year.
The round has increased Yugabyte’s total funding to $103m. The June 2020 close was led by 8VC and also featured Lightspeed Venture Partners, Dell Technologies Capital and Wipro Ventures.
Dell Technologies Capital co-led a $16m round for Yugabyte in 2018 with Lightspeed Venture Partners, which has also led an $8m series A round the previous year that included angel investors such as Jeff Rothschild.
Kannan Muthukkaruppan, co-founder and president at Yugabyte, said: “With companies of all kinds accelerating their digital transformation initiatives, technologies that help them accelerate, like YugabyteDB, are in high demand.
“This new round of funding will position Yugabyte to meet this increased enterprise demand and power our global expansion into key markets.”