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SingleStore raises $80M in Series F to innovate and expand its footprint and team to offer customers more resources and a better choice. The company revealed a 150 percent increase in cloud revenue and a 300 percent growth in customer acquisitions for its cloud service
SingleStore, a cloud database provider for operational analytics, raised $80 million in a Series F funding round led by Insight Partners to power innovation and growth, a press release from SingleStore said.
The Series E funding for SingleStore came in December last year, where it netted $80 million. With the close of Series F, the total amount raised by SingleStore has crossed $264 million. The Series F round witnessed participation from new and existing investors – Hewlett Packard Enterprise and Khosla Ventures, Dell Technologies Capital, Rev IV, Glynn Capital and Google Ventures.
SingleStore, founded in 2011, helps businesses adapt quickly and embrace diverse data and accelerate digital innovation by operationalizing data via a single database for moments that matter. Raj Verma, CEO of SingleStore, stated that in the digital services economy, there is an increasing data demand that drives this data-intensive era.
“The status quo of stitching together multiple databases built for previous eras isn’t delivering the needed speed, simplicity, or efficiency. SingleStore is the industry’s first database built to solve the challenges of this new era in one database, ”Raj Verma
SingleStore stated that it would use the proceeds from the funding to innovate and expand its footprint and team to provide customers with more resources and greater choice; and garner industry recognition. Alongside the funding, SingleStore stated that it received a 150 percent increase in cloud revenue and a 300 percent growth in customer acquisitions for its cloud service.
Lonne Jaffe, managing director at Insight Partners, lauded SingleStore cloud database’s speed, scale and simplicity and added,
“SingleStore’s differentiated technology allows customers to unify real-time transactions and analytics in a single database.”