- Yugabyte — a leader in open-source distributed SQL databases — announced that it raised $30 million in an oversubscribed Series B round
Yugabyte — a leader in open-source distributed SQL databases — announced that it raised $30 million in an oversubscribed Series B round. This round of funding was led by 8VC and it included participation from strategic investor Wipro Ventures and existing investors Lightspeed Venture Partners and Dell Technologies Capital. Including this round of funding, the company has raised a total of $55 million. And Yugabyte also added Scott Yara, co-founder and former SVP of Products of Pivotal Software, to its board of directors.
This round of funding will be used to support the continued momentum of Yugabyte’s open source project and drive broader enterprise adoption of its commercial products.
Yugabyte’s commercial products include Yugabyte Platform (a self-managed private database-as-a-service offering available on any public, private, or hybrid cloud or Kubernetes infrastructure) and Yugabyte Cloud (a fully-managed database service currently available on AWS and Google Cloud).
“We built YugabyteDB from the ground up to meet the untapped cloud native database demand from small and large enterprises alike. This round of funding from 8VC, Wipro Ventures, and others validates our approach,” said Kannan Muthukkaruppan, co-founder and President, Yugabyte. “Bhaskar Ghosh, Partner & CTO at 8VC who led the investment and will join the Yugabyte board, is no stranger to enterprise data infrastructure; he worked at the core of Oracle and Informix databases and later helped fuel LinkedIn’s growth as its Head of Data Engineering. We are thrilled to be working with Bhaskar and 8VC’s dynamic team of investors with entrepreneurial roots that take a long-term view on disruptive technologies like ours.”
“Legacy source-of-truth databases form the beating heart of enterprises, and their movement to the cloud has just begun. This massive market deserves a product as beautifully architected and operable as the Yugabyte platform, and as formidable a team led by developer legends as Kannan, Karthik and Mikhail,” explained Ghosh. “8VC’s mission is to support exceptional technical entrepreneurs who are building transformational technologies that will enable the next-generation of smart data-driven enterprises. I cannot think of anybody better positioned to be a leader in this space than Yugabyte and the 8VC team is excited to be part of its journey to transform the enterprise.”
Yugabyte’s customer base is continuing to grow and it includes Kroger, Narvar, Plume, Admiral and Xignite, etc. And YugabyteDB’s high performance, PostgreSQL compatibility, and cloud-neutral abilities are essential features for companies focused on handling business-critical transactions at a massive global scale. As a result, enterprises in Financial Services, Retail and Telecommunications verticals have already adopted YugabyteDB. The growth in the YugabyteDB open source community has also exploded with a 4x increase in new clusters, a 13x increase in Slack users, and a 3x increase in GitHub stars in the last year.
“We are excited to welcome Yugabyte into the Wipro Ventures portfolio and bring their modern database technology to Wipro’s Global 1000 enterprise clients. We see a big opportunity to leverage Yugabyte’s technology for building and powering our clients’ newest web-scale applications. With geographic data distribution and high-performance requirements, distributed SQL provides very compelling value to our clients, particularly those in Financial Services and Retail,” commented Wipro Ventures managing partner Venu Pemmaraju.
This round of funding is coming on the heels of YugabyteDB 2.1 — which is a major update that included expansion of geo-distributed deployment options, strengthening of enterprise security capabilities and a 10x increase in performance.