Next-Gen Database Developer SingleStore Raises $116M From Goldman Sachs, Leading IT Vendors

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Rick Whiting

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SingleStore is quickly staffing up, doubling its headcount above the past 12 months and setting up out its executive ranks with a new CFO and new common counsel.

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Cloud-indigenous databases developer SingleStore has lifted $116 million in a financing round led by Goldman Sachs and participation by Dell Technologies, Hewlett Packard Enterprise and IBM, amongst some others.

The new funding raises SingleStore’s whole financing to far more than $434 million since its 2011 founding, according to the Crunchbase web-site. SingleStore by itself explained it has lifted $278 million above the last 20 months, which include $80 million funding rounds in December 2020 and in September 2021.

The hottest funding comes on the heels of the business employing a new main monetary officer and a new common counsel.

[Related: The Coolest Database System Companies Of The 2022 Big Data 100]

SingleStore develops SingleStoreDB, a distributed relational databases method for knowledge-intense transactional and analytical purposes. The firm positions its databases as a up coming-era alternative to mainstay databases – particularly Oracle’s flagship relational databases.

SingleStore also delivers SingleStoreDB Cloud, a fully managed database-as-a-services. Last thirty day period the San Francisco-based enterprise up-to-date the main databases with new workload scalability, a new code engine and flexible parallelism abilities.

“Our reason is to unify and simplify present day information,” stated SingleStore CEO Raj Verma, in a assertion. “We imagine the long term is true time, and the foreseeable future requires a fast, unified and significant-dependability database — all elements in which we are strongly differentiated. I am extremely psyched to partner with Goldman Sachs, the beacon of money institutions, and further more grow our partnership.”

Staffing Up

As aspect of the most recent funding announcement SingleStore claimed it has approximately doubled its headcount in the previous 12 months “and proceeds to aggressively seek the services of to fulfill the demand for its merchandise and services.”

The most recent funding round was led by Goldman Sachs Asset Administration with new participation from Sanabil Investments. Present investors Dell Technologies Money, GV, HPE, IBM Ventures and Insight Partners, between other people, also participated.

Very last 7 days SingleStore said it had been recognized as a Gold Status Partner in Intel’s Disruptor Initiative. In April SingleStore debuted SingleStoreDB with IBM, a collaboration with Major Blue by way of which IBM sells and supports the SingleStore database and provides world-wide deployment help by way of IBM Consulting.

SingleStore, which changed its name from MemSQL in 2020, also has a strategic alliance with data analytics huge SAS by means of which the businesses have integrated the SingleStore databases with the SAS Viya analytics, AI and info administration system.

Govt Hires

SingleStore could be gearing up for a foreseeable future IPO. The organization said it employed Meaghan Nelson as the company’s new general counsel. She joins from Veeva Methods the place she was affiliate standard counsel and prior to that held positions at MaxPoint Interactive, Etsy and Veeva: SingleStore mentioned that she performed a part in getting all those people organizations by their IPOs.

“I could not be much more psyched to be part of SingleStore at this important inflection issue for the firm,” Nelson claimed in a assertion. “I truly feel that my deep practical experience doing the job closely with companies via the IPO method alongside with my experience in scaling G&A orgs will be of wonderful value to SingleStore as we continue on to reach new heights.”

The business also disclosed that it experienced hired Brad Kinnish as chief money officer last month. Kinnish beforehand worked as CFO at Aryaka Networks and in advance of that as CFO at Marin Program.

“By unifying diverse varieties of workloads in a solitary databases, SingleStore supports modern applications, which commonly operate serious-time analytics on transactional data,” stated Holger Staude, managing director at Goldman Sachs, in a assertion. “The enterprise aims to assist companies prevail over the issues of information depth throughout multi-cloud, hybrid and on-prem environments, and we are excited to support SingleStore as it enters a new phase of advancement.”


 Learn About Rick Whiting

Rick Whiting

Rick Whiting has been with CRN since 2006 and is now a characteristic/exclusive initiatives editor. Whiting manages a amount of CRN’s signature once-a-year editorial jobs like Channel Chiefs, Lover Program Guide, Major Data 100, Emerging Distributors, Tech Innovators and Items of the Calendar year. He also addresses the Massive Info conquer for CRN. He can be achieved at [email protected]