SingleStore, the cloud-native database built for speed and scale to power data-intensive applications, today announced it has raised $116 million in financing led by the growth equity business within Goldman Sachs Asset Management (Goldman Sachs) with new participation from Sanabil Investments. Current investors Dell Technologies Capital, GV, Hewlett Packard Enterprise (HPE), IBM ventures and Insight Partners, among others, also participated in the round.
“By unifying different types of workloads in a single database, SingleStore supports modern applications, which frequently run real-time analytics on transactional data,” said Holger Staude, managing director at Goldman Sachs. “The company aims to help organizations overcome the challenges of data intensity across multi-cloud, hybrid and on-prem environments, and we are excited to support SingleStore as it enters a new phase of growth.”
“Our purpose is to unify and simplify modern data,” said SingleStore CEO Raj Verma. “We believe the future is real time, and the future demands a fast, unified and high-reliability database — all aspects in which we are strongly differentiated. I am very excited to partner with Goldman Sachs, the beacon of financial institutions, and further expand our relationship.”
“At Siemens Global Business Services, we rely on SingleStore to drive our Pulse platform, which requires us to process massive amounts of data from disparate sources,” said Christoph Malassa, Head of Analytics and Intelligence Solutions, Siemens. “The speed and scalability SingleStore provides has allowed us to better serve both our customers and our internal team, and to expand our capabilities along with them, e.g. enabling online analytics that previously had to be conducted offline.”
The funding comes on the heels of the company’s recent onboarding of its new chief financial officer, Brad Kinnish and today, the company is pleased to welcome Meaghan Nelson as its new general counsel. These two strategic executive hires infuse a great depth of experience to the C-suite, making it even more equipped to explore future paths for company growth.
“I am beyond thrilled to join the team at SingleStore,” said Kinnish. “It’s such an exciting time in the database industry. Major forces such as the rise in cloud and the blending of operational and transactional workloads are causing a third wave of disruption in the way data is managed. SingleStore by design is a leader in the market, and I am confident we will achieve a lot in the coming year.”
SingleStore’s new general counsel, Meaghan Nelson, brings over a decade of legal experience to SingleStore, including her recent role as associate general counsel at SaaS company, Veeva Systems, as well as prior roles in private practice taking companies such as MaxPoint Interactive, Etsy, Natera and Veeva through their IPOs.
“I couldn’t be more excited to join SingleStore at this important inflection point for the company,” said Nelson. “I feel that my deep experience working closely with companies through the IPO process along with my experience in scaling G&A orgs will be of great value to SingleStore as we continue to achieve new heights.”
Previous investments from IBM ventures, HPE and Dell have fueled SingleStore’s strong momentum. It recently launched SingleStoreDB with IBM as well as announced a partnership with SAS to deliver ultra-fast insights at lower costs. The company has almost doubled its headcount in the last 12 months and continues to aggressively hire to meet the demand for its product and services.
This funding follows SingleStore’s recent product release that empowers customers to create fast and interactive applications at scale and in real time. SingleStore will feature and demo these enhancements at a virtual launch event, [r]evolution 2022, tomorrow, July 13. Register and learn more about the event here.