Redis Labs raises $60 million Series E round for its NoSQL in-memory database
Redis Labs, the commercial provider of Redis, a database benchmarked as the world’s fastest, announced today it has raised $60 million in Series E financing to accelerate its global go-to-market execution, invest further in the enthusiastic Redis community, and continue its leadership in delivering the highest performing, most efficient database platform for modern applications.
The latest round was led by a new investor, Francisco Partners, a leading global technology-focused private equity firm, with participation from existing investors, Goldman Sachs Private Capital Investing, Bain Capital Ventures, Viola Ventures and Dell Technologies Capital. In conjunction with the funding, the company also announced that Francisco Partners’ Chief Investment Officer David Golob will join its Board of Directors and Operating Partner Eran Gorev will join as a board observer. To date, Redis Labs has raised a total of $146 million in funding.
Founded in 2011 by Ofer Bengal (CEO), previously the founder and CEO of RiT Technologies, and Yiftach Shoolman, previously the founder and president of Crescendo Networks, acquired by F5 Networks, Redis is an open source (BSD licensed), in-memory data structure store, used as a database, cache and message broker. It supports various data structures such as Strings, Hashes, Lists, Sets etc., according to the information on the company’s website. In July 2015, Salvatore Sanfilippo, the creator of Redis, joined the company as leader of open source development.
In 2018, the was a huge open-source debate about the company’s decision to change its database licensing for Redis modules from AGPL to Apache v2.0 modified with Commons Clause. Some media outlets went as far as calling Redis’ license change a huge mistake. Redis Labs is the world’s most popular in-memory database, and commercial provider of Redis Enterprise that delivers superior performance, matchless reliability and unparalleled flexibility for high-speed transactions, recommendation engines, data ingest, fraud mitigation, real-time indexing, session management and caching. Redis Labs is ranked as a leader in top analyst reports on NoSQL, in-memory databases, operational databases, and database-as-a-service.
The database is used and trusted by over 7000+ customers, including seven Fortune 10 companies, three of the four credit card issuers, three of the top five communication companies, three of the top five healthcare companies, six of the top eight technology companies, and four of the top seven retailers. Redis database is also used by tech-giants like GitHub,Weibo, Pinterest, Snapchat, Craigslist, Digg, StackOverflow, Flickr.
Redis Labs’ commercial product, Redis Enterprise, is the world’s fastest database, leveraging modern in-memory technologies such as NVMe and Persistent Memory to offer cost-effective deployment over multiple public clouds and on-premise data centers. Besides its native data structures, it features a variety of data modeling techniques, such as Streams, Graph, Document and Machine Learning, with a real-time search engine. The performance and flexibility of Redis has made it consistently one of the fastest-growing and most popular databases, including becoming the first to be launched more than one billion times on Docker Hub in 2018. Additionally, through strategic partnerships with Pivotal, Red Hat and others, the company has been able to drive further enterprise adoption and success with Redis Enterprise.
“The impact of the Redis platform is being experienced everywhere as enterprises look to modernize or build new applications,” said Ofer Bengal, co-founder and CEO at Redis Labs. “This financing enables us to accelerate our strategy to deliver the fastest and most efficient database to the world and enable instant experiences for any modern application.”
“Customers and partners alike tell us that Redis Labs has built the most robust and capable database solution for real-time computing across cloud, on-premise and hybrid environments,” said Matt Spetzler, partner and co-Head of Europe at Francisco Partners. “We are thrilled to be partnering with Redis Labs’ team as the company scales up globally to meet the needs of the Internet economy.”