AlgoX2 raised a $10 million seed extension led by Bessemer Venture Partners and Fin Capital. Alumni Ventures and Somersault Ventures also participated alongside existing investors Octave, Motivate VC, and AAL VC.
AlgoX2 is developing what it calls a Data Streaming Operating System designed to combine streaming, processing, and storage within one engine.
The platform is intended to eliminate the need for companies to assemble separate infrastructure systems for real-time data workloads.
AlgoX2 provides native support for Kafka, Redis, NATS, and MQTT.
The company said customers can migrate workloads without changing application code.
AlgoX2 has been tested in production environments with design partners.
The new financing will support the company’s transition from design partnerships to broader commercial availability.
AlgoX2 plans to hire forward-deployed engineers to support customer implementations.
The company will also expand its product team, which is led by former Confluent Cloud group product manager Addison Higham.
Product plans include the launch of AlgoX2 Cloud and an open-source version of its technology.
AlgoX2 claims its architecture can provide up to 10 times greater throughput and reduce total cost of ownership by as much as 90% compared with legacy stacks without compromising latency.
The company’s founding team has experience developing mission-critical, ultra-low-latency infrastructure, including technology supporting the New York Stock Exchange.
KEY QUOTES:
“Nothing important fits on one computer anymore. Your bank, your maps app, the stock market, each one runs across many machines. AlgoX2 makes writing those distributed apps simple.”
Alexei Lebedev, CEO and Co-Founder of AlgoX2
“Every so often, a simple idea changes how software gets built. Unix did it with ‘everything is a file,’ and AlgoX2 is doing it for data in motion with ‘everything is a stream.'”
Janelle Teng, Partner at Bessemer Venture Partners
“What stood out to us about AlgoX2 was the combination of an exceptional systems engineering team and a genuinely differentiated architecture.”
Logan Allin, Founder and Managing Partner at Fin Capital
