SingleStore (formerly MemSQL) secures $80 million in Series E funding for its real-time database
As the coronavirus pandemic panic starts to die down, more and more investors are beginning to jump back into investing in promising and high-growth startups. One of these startups is SingleStore (formerly MemSQL), a developer of a cloud-based scalable database for enterprises.
MemSQL is a real-time relational, distributed database used by organizations to query and analyze large pools of fast-moving data across cloud, hybrid and on-premise environments. SingleStore customers include major banks, ridesharing giants, telecoms carriers, and many others. Global enterprises use the MemSQL distributed database to easily ingest, process, analyze, and act on data in order to thrive in today’s insight-driven economy.
On October 27, 2020, MemSQL rebranded to SingleStore to reflect a shift in focus away from exclusively in-memory workloads. The new name highlights the goal of achieving a universal storage format capable of supporting both transactional and analytical use cases.
Today, the 10-year old San Francisco-based SingleStore announced it has closed $80 million in a Series E funding round led by Insight Partners, with participation from new backers Dell Technologies Capital, Hercules Capital; and previous backers Accel, Anchorage, Glynn Capital, GV (formerly Google Ventures), and Rev IV. The financing brings total funding raised by the company to date to $238 million. In conjunction with the funding, SingleStore also announced a new partnership with analytics powerhouse SAS.
Founded in 2011 by Adam Prout, Eric Frenkiel, and Nikita Shamgunov, SingleStore is The No-Limits Database, powering modern applications and analytical systems with a cloud-native, massively scalable architecture for maximum ingest and query performance at the highest concurrency. MemSQL envisions a world where every business can make decisions in real-time and every experience is optimized through data. MemSQL is also optimized to run on any public cloud or on-premises with commodity hardware.