SingleStore raises $30M extra to brings its database tech to new prospects • TechCrunch

Months after bagging $116 million in an extension of its Collection F spherical, database vendor SingleStore this week introduced that it raised an extra $30 million from buyers together with Prosperity7, the enterprise arm of Saudi Aramco. The Collection F — or “Collection F-2,” technically — now stands at $146 million, bringing SingleStore’s complete raised to $412 million (however an as-yet unused $50 million credit score line from Silicon Valley Financial institution).

In an e mail interview with TechCrunch, Raj Verma stated that the brand new capital will likely be put towards product growth and engineering efforts in addition to supporting investments in gross sales. He additionally stated that it’ll be used to fund geographic growth as SingleStore eyes a broader swath of consumers throughout Europe and Asia.

“SingleStore helps companies adapt extra rapidly, embrace various knowledge and speed up digital innovation by operationalizing all knowledge by one platform,” Verma stated. “Its proprietary, simplified, data-agnostic strategy is constructed in order that organizations can act with knowledgeable insights to make business-critical selections quick.”

SingleStore was based as MemSQL in 2011 by Eric Frenkiel, Adam Prout and Nikita Shamgunov; Verma turned the CEO in 2020 after a 12 months in a co-CEO position. The corporate’s expertise is what’s often known as a relational database, which means it makes use of a construction of rows and columns to establish and entry knowledge in relation to different knowledge parts within the database.

By separating storage and compute, Verma claims that SingleStore’s database platform can course of a trillion rows per second, ingest billions of rows of knowledge an hour and host databases with tens of hundreds of tables. Use instances span real-time analytics, operational AI, predictive upkeep and just about another app or service that depends on a structured database for storage.