SAN FRANCISCO — SingleStore, a cloud-native database built for speed and scale to power data-intensive applications, 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.”
