Latest funding round will be used to meet tremendous enterprise demand for high-performance database use cases
MOUNTAIN VIEW, Calif., June 25, 2015
Redis Labs announced today that it secured $15 million in Series B funding led by Bain Capital Ventures and Carmel Ventures, with participation from Silicon Valley Bank. This new round of funding comes in the wake of the company’s tremendous success with Redis Cloud, a service that has seen 116 percent growth in new paying customers over the last year. Many of the world’s fastest growing and new economy enterprises, including Hotel Tonight, Bleacher Report and Docker, are among the company’s 4,900 paying customers.
Redis Labs has now raised a total of $28 million in funding to date and this new round will primarily be used to market and sell the company’s hybrid database offering, which is popular for use cases such as real-time analytics, fast transactions and caching. The company provides a fully-managed cloud service called Redis Cloud and downloadable enterprise software called Redis Labs Enterprise Cluster (RLEC). Cutting-edge enterprises under increasing pressure to deliver high-performance applications turn to Redis Labs’ cloud or on-premises deployments to achieve blazing fast performance, high availability and seamless scalability.
“Anyone who cares about application performance knows about Redis and its place among the fastest growing databases today,” said Ofer Bengal, CEO and co-founder of Redis Labs. “As a NoSQL database leader, we will use this latest infusion of funds to serve the high throughput and scalability needs of the modern enterprise world.”
“DRAM is the new disk. Redis is unique among NoSQL databases in that it is an in-memory NoSQL database which runs 1,000 times faster than disk databases,” said Salil Deshpande, managing director at Bain Capital Ventures in his blog. “Redis Labs’ strategic investments in Redis on Flash makes this outstanding performance possible at up to 70 percent lower costs.”
“We invested in Redis Labs in 2013 when we saw the emergence of several indicators of success: the maturation of NoSQL, the massive adoption of open source Redis, its exceptional, unchallenged performance, and Redis Labs’ unique intellectual property to broaden Redis into a general purpose database,” said Ronen Nir, general partner at Carmel Ventures. “We still feel that Redis Labs will be a leader not only in NoSQL databases, but in databases overall. Redis Labs has succeeded in harnessing the tremendous developer adoption of open source Redis, and the company’s strategic direction, technology and passion for customer success will take it far.”
The company has made several announcements that demonstrate its dominant position in the enterprise NoSQL database space, including the results of a recent independent performance benchmark, which found that Redis Labs achieved more than double the throughput and half the latency of the closest NoSQL database solution.