Rockset, a cloud-based analytics provider, today revealed a $40 million Series B funding round spearheaded by Sequoia, with participation from Greylock – the same investors who supported its Series A financing. The company’s total funding now reaches $61.5 million, as stated by Rockset.

Venkat Venkataramani, co-founder and Chief Executive Officer, previously explained to me during the Series A announcement in 2018 that preparing data for analysis often involves significant manual effort, hindering the path to actionable insights. His goal with Rockset was to address this challenge.

Specifically, “Rockset automatically constructs a unified index across all data types – encompassing structured, semi-structured, geospatial, and time-series data – enabling rapid search and analytics at scale,” the company detailed.

This approach appears to be gaining traction with both investors and customers, evidenced by the successful completion of the Series B round and strong business performance. Rockset shared several key performance indicators to demonstrate this. Notably, revenue increased by 290% during the most recent quarter. While the baseline figures for this growth weren’t disclosed, the increase is clearly significant.

Furthermore, the company reports the addition of numerous new users – precise figures were not provided – and a 313% surge in queries processed by the platform. Although specific details are lacking, this represents considerable expansion for a company in its early stages, particularly given the current economic climate.

Mike Vernal, a partner at Sequoia, highlighted the company’s ability to accelerate data utilization compared to alternative solutions that demand extensive preprocessing. “Rockset’s groundbreaking indexing technology has rapidly positioned it as a leading provider of real-time cloud analytics. We are excited to support the company as it enters its next growth phase,” Vernal commented.

Established in 2016 by the developers of RocksDB, the startup initially secured a $3 million seed round at launch and subsequently raised $18.5 million in its Series A round in 2018.