StreamNative raises $23.7M in a Series A round led by Prosperity7 Ventures

SaaS News - StreamNative raises $23.7M in a Series A round led by Prosperity7 Ventures (source: SaaS Industry)
At a Glance

Prosperity7 Ventures led a $23.7 million Series A funding round for StreamNative, a real-time data streaming platform. Pulsar plans to use the funds to hire more people, speed up its R&D efforts, and expand its capacity to solve new use cases.

StreamNative, a real-time data streaming platform, has announced that it has raised $23.7 million in a Series A funding round led by Prosperity7 Ventures. The other participant was Sequoia Capital.

The funds will be used to expand the firm’s personnel and expedite R&D efforts, expand Pulsar’s ability to solve new use cases, develop additional integrations, and form strategic alliances, according to the company.

StreamNative is a cloud-hosted messaging and event streaming platform driven by Apache Pulsar. The original creators of Apache Pulsar founded it. It provides functionality, tooling, and SDKs to facilitate data-driven apps’ design, management, and maintenance, allowing businesses to access company data as real-time streams.

Sijie Guo and Matteo Merli, co-founders of StreamNative, were former Yahoo colleagues who worked on the company’s global messaging network. The technology was released as Apache Pulsar in 2016. Guo left Yahoo to run Twitter’s messaging team, but he remained committed to the Pulsar project and collaborated with Merli and ex-EMC engineer Jia Zhai.

StreamNative, built on Pulsar, offers a unified messaging and streaming system. It provides users a flexible pub-sub oriented messaging API, built on top of a distributed scale-out log. This translates to a system capable of scaling to massive throughput of millions of messages a second while also providing higher level messaging features.

Sijie Guo and Matteo Merli, co-founders of StreamNative

StreamNative, which has secured $30 million in funding to date, claims to have over 40 customers in marketing, internet of things, payments, and banking, including Fortune 100 and Fortune 500 companies. In the next 12 months, the company plans to triple its workforce of over 50 employees and integrate “data lakehouse” technologies like Databricks’ Delta Lake and Apache Hudi, as well as build Apache Flink and Apache Spark connectors and launch StreamNative Cloud on Amazon Web Services (AWS) Marketplace.

The pandemic has accelerated digital transformation and the move to the cloud for many businesses, and this has helped to push the adoption of Pulsar and StreamNative. Specifically, the move to the cloud and Kubernetes has forced companies to rethink their tech stack. The decision is no longer whether to keep a legacy tech or to replace it with a new tech. Instead, the decision is whether to try to move a legacy tech to the cloud or to adopt a cloud-native technology.

Sijie Guo and Matteo Merli, co-founders of StreamNative
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