SingleStore helps enterprises better manage growing data volumes

As global enterprises continue to drown in growing amounts of data, the list of solutions to leverage these ‘information assets’ is also expanding rapidly. Modern data architecture has become so complex that for some enterprises, data is constantly moving through different repositories and the element of speed and scale is falling apart, resulting in delayed dashboard results and intelligence.

This ultimately impacts critical business decisions that can improve revenue, customer experience, and other areas of day-to-day operations.

To solve the challenge, the headquarters in San Francisco SingleStore provides a real-time SQL database that enables enterprises to integrate, monitor, and query all kinds of data sets from all available sources as a single entity.

The company announced today that it has raised $116 million in another round led by the growth equity business within Goldman Sachs Asset Management.

SingleStore database: a one-stop shop

At its core, SingleStore’s database serves as the one-stop shop for all data-intensive applications in multicloud, hybrid and on-premises environments. It comes with universal storage technology, which combines the features of an in-memory row store, on-disk column store, and cloud object storage to support both transactional and analytic data workloads. This eliminates unnecessary data movement and helps businesses query large, constantly changing data sets at high speeds.

“By unifying different types of workloads in one database, SingleStore supports modern applications, which often perform real-time analytics on transaction data,” said Holger Staude, managing director at Goldman Sachs. “The company aims to help organizations overcome the challenges of data intensity in multicloud, hybrid and on-prem environments.”

The solution also provides separation of storage and compute, for both transactions and analytics, allowing users to scale compute power to meet the needs of each workload, while managing storage separately. Leading companies, including Hulu, Uber, GE, Fiserv and Siemens, have already replaced multiple SQL and NoSQL databases with SingleStore’s unified architecture.

“At Siemens Global Business Services, we rely on SingleStore to power our Pulse platform, which requires us to process massive amounts of data from multiple sources,” said Christoph Malassa, head of analytics and intelligence solutions at Siemens. “The speed and scalability that SingleStore offers has enabled us to better serve both our customers and our internal team and expand our capabilities together with them, for example by enabling online analytics that previously had to be performed offline .”

Contest

The adoption of big data and AI has led to the emergence of several players delivering scalable cloud database management systems. This, according to Gartner’s magic quadrantincludes niche players such as Couchbase, MariaDB and Cockroach Labsas well as leaders like SnowflakeDatabricks, Teradata and Oracle.

According to SingleStore’s website, compared to Oracle’s offerings, their database can deliver 10-100 times better performance at just a third or fourth the cost. It can process a trillion rows per second, which is up to 1,000 times faster than some rivals, the company added.

With this funding round, bringing the total capital raised to $385 million, SingleStore will focus on further improving its database and acquiring more customers.

“SingleStore will continue to innovate as the one and only primary high-performance database that brings together transactions and analytics, enabling developers and data architects to deliver exceptional real-time results through their applications,” Raj Verma, the company’s CEO, told VentureBeat. †