Database vendor The Single Store said on December 8 that it had raised $ 80 million in Series E round funding.
The San Francisco-based vendor was founded in 2011 and was known as MemSQL until October 27, this year. The core technology behind SingleStore is a distributed SQL database platform that you can use to enable analytic workloads and applications.
October 2019, although it was still known MemSQL, Vendors have introduced a feature called Single Store.This is the row store Column store A table to enable faster database queries.
The major Single Store is Raj Verma, CEO who joined the company as co-CEO in July 2019 and will be the only CEO in September 2020.
In this Q & A, Verma talks about why SingleStore is growing, the impact of the coronavirus pandemic, and where vendors are heading in the future.
Why are you raising $ 80 million now? Is it the last step on the road to an IPO?
Raj Verma: There are several reasons. First, during the pandemic era, the data market has evolved significantly over the past few years, especially last year or so. Organizations are looking for deeper insights as they are the only way they need to make informed decisions.
Analysis is becoming an area of great excitement and demand in the high-tech market. Therefore, it is highly evaluated. Vendors like snowflake.. From our point of view, SingleStore has an unprecedented interest and we believe that with the right investment right now, we can win most of the market and get it faster.
I don’t think there is a solid plan to release it by a certain time, and I don’t think there are many companies like that. Either way, we need to explore how to proceed, but we’re not really in a hurry. If we add value to our customers and build excellent technology, good things will happen. If it’s an IPO, it’s an IPO and do it at the right time.
What has changed in the way organizations in the pandemic era use and think about data?
Raj VermaSingleStore CEO
Verma: Before COVID-19, the data was like taillights, so it was okay to see what happened yesterday and learn from those strengths.
In the COVID-19 environment Analytics Report Dashboard Insights What companies want is significantly different. Instead of running 10 or 20 queries to generate a report, organizations are now trying to use the data as headlights to see through fog and fog. To do this, you may run 250-400 queries to generate the report. The report is then viewed and considered by executives. If there is a 10 second delay per query, the CEO is staring at the empty screen for hours, which is unacceptable. As a result, organizations are looking for quicker insights.
What made you rebrand MemSQL to the Single Store?
Verma: Under the name of MemSQL, I told the customer that I was in an in-memory SQL database. We started out as an in-memory database, but that’s not all anymore. If we were just an in-memory database, our revenue would probably be 10% of what it is today. So we have more now. We are a generic database.
Our grand vision was to get rid of Data silo Ask your organization and its data strategists to see the data as a single source of insight, not siled data. The SingleStore idea is one store for all your data needs.
Are there any specific lessons learned from your experience in Japan? Hadoop big data market that can provide information to SingleStore and distributed SQL?
Verma: I think there are enormous lessons to be learned from that market. Basically, Hadoop’s premise was to be a storage layer for very large amounts of data. Hadoop allows users to work with very large datasets, but Hadoop Low latency..
Hadoop has been in a difficult situation for the past five years or so. The reason is that people really want very quick and deep insights, not just a dam layer for storing data.
SingleStore is betting on the fact that the need for low latency and high concurrency with the ability to execute queries using SQL is a way forward.
What’s Next for SingleStore and Its Distributed SQL Database Vision?
Verma: We are very much looking forward to the second release of our cloud products. SingleStore managed service Version 2.0.
I don’t want to give too much, but I’m working to allow analysts to change the look and feel of their data and turn data types on and off to gain different insights.
SingleStore Raises $ 80 Million for Distributed SQL Database
Source link SingleStore Raises $ 80 Million for Distributed SQL Database