Insight Partners led the round and was joined by new strategic investor Dell Technologies Capital and equity participation from Hercules Capital. Existing investors Accel, Anchorage, Glynn Capital, GV and Rev IV also participated. The new round gives SingleStore $238 million in total funds raised since the company was formed in 2011.
We reported on the company’s $50 million debt capital raise back in May when it was still MemSQL.
The San Francisco-based company’s database powers modern applications and analytical systems with a cloud-native, massively scalable architecture so that businesses can make decisions in real time and every experience is optimized through data.
The name change was one of the first things co-CEO Raj Verma said he asked about when he joined the company 18 months ago.
“MemSqL was not rolling off of the tongue, especially in the international market, and we started to notice that we were being confused with in-memory use cases, when 99 percent of our revenue came from other places. As a result, we were not being considered for certain use cases,” Verma told Crunchbase News.
Said Verma, “We picked SingleStore because it signifies where we are as a general purpose database that is workload agnostic. We want to be the repository for all data. When someone asks us, ‘what do you do with the data?’ We ‘SingleStore’ it.”
The new funds will be used to expand the team, including growing the engineering team by 70 percent over the next year. It will also go toward growing its customer base and partnerships, and to increase its market presence.
Although the company raised funds in May, Verma said Snowflake’s success in 2020 signaled a change in the marketplace, with SingleStore likely to be a major player. If the company is able to invest in certain places, it could demonstrate hypergrowth, he added.
As part of the investment, Lonne Jaffe, managing director of Insight Partners, has joined SingleStore’s board.
“Insight Partners has spent the past 25 years helping transformational software companies, like SingleStore, take their businesses to the next level,” Jaffe said in a written statement. “Today’s announcement highlights our belief in the importance of using software to eliminate barriers, enable things to work better and faster, and change the business landscape to make a positive difference in society.”