Singlestore Raises $80M, Valuation Hits $940M

Data Management Platform SingleStore Secures $80 Million in Funding

Currently, numerous organizations are facing challenges related to the sheer volume of data they possess. Consequently, solutions designed to efficiently manage and utilize this data are receiving significant attention and investment. SingleStore, a company offering a platform for enterprises to integrate, monitor, and query data as a unified entity – irrespective of its storage location – has recently announced a new funding round of $80 million.

Funding Details and Valuation

This capital injection will be allocated towards continued platform development, talent acquisition, and broader business expansion initiatives. Sources indicate that SingleStore’s valuation has now reached $940 million.

The Series F funding round is spearheaded by Insight Partners, with participation from new investor Hewlett Packard Enterprise, alongside existing backers such as Khosla Ventures, Dell Technologies Capital, Rev IV, Glynn Capital, and GV (formerly Google Ventures). To date, the startup has raised a total of $264 million, including a previous $80 million Series E round in December of last year, shortly after its rebranding from MemSQL.

Strategic Investment and Growth Metrics

The presence of three prominent strategic investors – HPE, Dell, and Google – in this Series F round suggests considerable traction for SingleStore. This is further supported by the company’s reported growth figures.

• A 300%+ increase in new customer acquisition for its cloud service.
• 150%+ year-over-year growth in cloud revenue.

Revenue and Market Positioning

Raj Verma, CEO of SingleStore, revealed in an interview that cloud revenues have increased by 150% year-over-year, now constituting 40% of total revenue – a significant rise from 10% the previous year. Furthermore, the number of new customers has grown by over 300%.

Verma stated, “The flywheel is now turning.” He emphasized that the company did not urgently require additional funding, having barely utilized its Series E investment. However, both the board and management team agreed that SingleStore is now prepared for wider market recognition.

SingleStore aims to become a leading option for organizations seeking platforms for data-intensive applications or those looking to consolidate multiple databases into a single, unified system. The company is focused on delivering real-time insights, aligning with the evolving needs of the data landscape.

Competitive Landscape

The increasing importance of database management and the demand for efficient, cost-effective tools have been amplified by the shift towards remote work environments, particularly during the past 18 months. This has resulted in a competitive market, with players including Amazon, Microsoft, Snowflake, PostgreSQL, MySQL, and Redis.

Companies like Firebolt are also addressing the challenges of managing large, diverse data repositories. SingleStore integrates with major cloud providers such as AWS, Microsoft Azure, Google Cloud Platform, and Red Hat, and differentiates itself by focusing on database capabilities for cloud compute rather than competing directly with these providers.

Client Base

SingleStore has established a strong client base, currently serving thousands of enterprises, including notable names like GE, IEX Cloud, Go Guardian, Palo Alto Networks, EOG Resources, and SiriusXM + Pandora.

Industry Recognition

Lonne Jaffe, managing director at Insight Partners, commented, “SingleStore’s first-of-a-kind cloud database is unmatched in speed, scale, and simplicity by anything in the market.” Vinod Khosla from Khosla Ventures added that “SingleStore is able to reduce data sprawl, run anywhere, and run faster with a single database, replacing legacy databases with the modern cloud.”