SingleStore helps Uber and Hulu use operational data. Check out the 36-slide pitch deck it used to raise $80 million from Insight Partners
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- San Francisco-based database startup SingleStore has raised $80 million in fresh funding.
- Formerly known as MemSQL, the company provides database management software for large clients.
- The company counts the likes of Uber, Comcast, and Hulu among its customers.
A startup that manages heavy traffic loads for the likes of Uber, Comcast, and Hulu has raised $80 million in fresh funding.
San Francisco-based startup SingleStore, formerly known as MemSQL, acts as a single database for data-intensive applications. The company’s tech is used across an array of sectors including financial services, where it is deployed in portfolio management and analytics, and in media where it is used to serve up better ads and provide feedback on streaming quality.
The company bills itself as a database for all data-intensive applications.
“We fundamentally believe that the data space is going to be looking for more modern solutions than what is currently available,” Raj Verma, SingleStore CEO, told Insider, adding that the “complexity” of data had boomed thanks to social media.
The market for database management has surged due to a rise in cloud usage as the COVID-19 pandemic expedites a shift online.
New York-based Insight Partners, which has backed the likes of Twitter and DocuSign, led the Series F round. New investor Hewlett Packard Enterprise also joined the round alongside existing investors Khosla Ventures, Dell Capital, Rev IV, Glynn Capital, and GV. The round brings SingleStore’s total funding to $264 million.
SingleStore raised a Series E round of the same size last December and Verma said the company hasn’t touched that or its Series D to-date. The decision to raise comes as part of a “doubling down” on database companies by investors because of the size of the addressable market, the possibility for further disruption, and the relatively few major revenue generating players in the space, according to Verma.
Investor demand was such that the company could have raised two-and-a-half times this round, Verma said. The company’s valuation has doubled since December and is just shy of unicorn status although the company did not provide a figure.
“We are at a stage now where we believe we can be a marquee player so need to spend some money getting the product into the hands of developers,” Verma added. The company will continue to invest in its team and product, alongside a bigger marketing push. SingleStore is also anticipating geographic expansion into Europe and Asia.
Check out SingleStore’s pitch deck below:
This story was updated to remove slides erroneously included by SingleStore.