San Francisco-based database platform SingleStore announced Wednesday that it raised $80 million in fresh financing. The Series F was led by Insight Partners and comes less than a year following the close of the company’s Series E.
The rapid adoption of big data, in part due to the pandemic, has led to an increase in demand for scalable database solutions like SingleStore.
SingleStore enables customers to bring together real-time transactions and analytics under a single database. The company’s platform utilizes the cloud to meet massive data requirements that can typically slow business processes down. With this tech, SingleStore helps to integrate, monitor and query enterprise data, even if that data is stored across multiple repositories.
“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,” Raj Verma, CEO of SingleStore, said in a statement. “The status quo of stitching together multiple databases built for previous eras isn’t delivering the needed speed, simplicity, or efficiency.”
It’s clear that investors have their eyes locked on the company’s rapid growth rate. SingleStore has experienced 150 percent year-over-year growth in cloud revenue, according to the company.
Following the latest raise, the company plans to invest in the continued development of its platform as well as expand its global footprint. SingleStore plans to grow its team as it continues to scale. The company is now hiring for nearly 70 remote-based roles across its engineering, sales, product and marketing teams, to name a few.
SingleStore has raised $264 million in venture capital financing to date, according to the company.
Additional investors Khosla Ventures, Dell Technologies Capital and Google participated in the round, among others.
