Relational Database Company SingleStore Raises $80 Million

By Noah Long ● December 11, 2020
  • SQL database management company SingleStore announced it has raised $80 million in a new round of funding. These are the details.

SQL database management company SingleStore announced it has raised $80 million in a new round of funding and the company signed a partnership with advanced analytics leader SAS. Insight Partners led the Series E funding round with participation from new financial investor Dell Technologies Capital and equity participation from Hercules Capital. And existing investors Accel, Anchorage, Glynn Capital, GV and Rev IV also participated. Including this round of funding, SingleStore has raised a total of $238 million.

With this round of funding, the company has raised over $140 million in cash to increase its domestic and international sales capacity, expand its engineering team, increase its market prominence by further extending its partnerships, and grow its customer base to enable a game-changing 2021 for SingleStore and its customers.

Launched in 2011, SingleStore’s technology provides data solutions to leading companies across the world with more than 1,000 organizations using it to better their data strategy. And SingleStore has more than 250 employees with offices in five countries, and more than 10 strategic global VAR partners. The company strives to accelerate innovation in its endeavor to fundamentally change the siloed world of data by enabling companies to have a more holistic view of their data while preserving the familiarity and ease of integration of SQL. And its proprietary, simplified, data-agnostic approach uniquely provides one platform for all data, built so that organizations of all types can act with informed insights to make business-critical decisions fast.

KEY QUOTES:

“We received enormous interest in SingleStore from leading investors and we chose to work with Insight Partners for our next phase of hyper growth. It is exciting to partner with an investor of their caliber which has so much to offer to spur our future growth. This partnership is a validation that a changing of the guard in the database market is afoot. The challenges of today require a technology built to address the need for real-time insights at unprecedented speed and across hybrid, multi-cloud environments. Our partnership with SAS, the custodian of the most sought after and complex data workloads in the world, is validation of this market movement. I could not be more excited to partner with a company I’ve always greatly admired for both its software and culture. It is an honor and a privilege.”

— SingleStore CEO Raj Verma

“As industry after industry reinvents itself using software, there will be accelerating market demand for predictive applications that can only be powered by fast, scalable, cloud-native database systems like SingleStore’s. Insight Partners has spent the past 25 years helping transformational software companies rapidly scale-up, and we’re looking forward to working with Raj and his management team as they bring SingleStore’s highly differentiated technology to customers and partners across the world.”

— Lonne Jaffe, managing director at Insight Partners

“Across industries, SAS is running some of the most demanding and sophisticated machine learning workloads in the world to help organizations make the best decisions. SAS continues to innovate in AI and advanced analytics, and we partner with companies like SingleStore that share our curiosity about how data and analytics can help organizations reimagine their businesses and change the world. Our engineering teams are integrating SingleStore’s scalable SQL-based database platform with the massively parallel analytics engine SAS Viya. We are excited to work with SingleStore to improve performance, reduce cost, and enable our customers to be at the forefront of analytics and decisioning.”

— Oliver Schabenberger, COO and CTO at SAS