- Redis Labs, the company behind the Redis open-source database and the Redis Enterprise provider, announced that it raised $100 million in Series F funding at a valuation of more than $1 billion.
Redis Labs — which is the company behind the most popular open-source database Redis and the provider of Redis Enterprise — announced that it has raised $100 million in Series F funding at a valuation of more than $1 billion. This funding was co-led by Bain Capital Ventures and TCV with participation from the company’s existing investors Francisco Partners, Goldman Sachs Growth, Viola Ventures, and Dell Technologies Capital. Including this funding round, Redis Labs has now raised over $246 million to-date.
Enterprise data is distributed now more than ever and it is siloed and increasing in volume. So in order for companies of every industry to maximize and utilize the power of this data, Redis Labs is delivering a real-time data platform that allows them to manage, process, analyze, and make predictions, that will improve their customer experiences and drive their business forward.
Redis Labs currently has over 7,500 customers, including MasterCard, Dell, Fiserv, Home Depot, Microsoft, Costco, Gap, and Groupon. And with this funding round, Redis Labs will continue to grow the global Redis community, expand its go-to-market team and programs, and invest in the product and support services to deliver much more value for customers. For the calendar 2020, Redis Labs has seen tremendous momentum to-date, including:
1.) Signed a strategic alliance agreement with Microsoft Azure for making Redis Enterprise the top tier of Azure Cache for Redis, and launched it in Private Preview. Public Preview is expected in early fall
2.) Following the availability of Redis Enterprise Cloud as a native service on Google Cloud in October 2019, the service has experienced over 300% growth in just two quarters
3.) Achieved Advanced Technology Partner status with Amazon Web Services Partner Network
4.) Launched RedisAI, for inferencing artificial intelligence requests at the speed of Redis, and RedisGears, a programmable engine enabling data-processing options at milliseconds speed across any distributed Redis deployment and
5.) Announced RedisRaft, which brings strong consistency to Redis, making it suitable to serve the most critical business applications on earth
KEY QUOTES:
“This investment will enable us to meet the surge in demand from companies representing every market and geography, to scale their Redis deployments and to help them win in the data-driven economy. The unprecedented conditions brought on by COVID-19 have accelerated business investments in building applications that require real-time, intelligent data processing in the cloud. During this time, Redis has become even more critical to our customers, partners, and community. We will continue to invest in strengthening our community footprint, advancing the Redis technology, and helping our users to do more with Redis.”
— Ofer Bengal, Co-Founder and CEO at Redis Labs
“Redis has become the ideal database for companies to operate intelligently and win in the current economy. We’ve long believed in the market opportunity for a high-performance database in the cloud-era and Redis’ potential to lead this category. Since our initial Series A investment, the Redis team has done a remarkable job making Redis an essential tool for developers and being a trusted partner for global enterprises operating at scale. We’re thrilled to continue partnering to build a multi-billion dollar database company.”
— Enrique Salem, Partner at Bain Capital Ventures
“We, at TCV, are delighted to partner with Ofer, Yiftach, and the team at Redis Labs in their effort to revolutionize the high-performance database industry. The product leadership demonstrated by Redis Enterprise in low latency, distributed, and high availability use cases is particularly remarkable. We believe that applications demanding Redis Enterprise’s market-leading capabilities will continue to multiply in an increasingly real-time world.”
— Gopi Vaddi, General Partner at TCV
