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As global enterprises continue to drown in growing volumes of data, the list of solutions to leverage these “information assets” is also expanding rapidly. The 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 affects crucial business decisions that could improve revenues, customer experience and other areas of day-to-day business operations.
To solve the challenge, San Francisco-headquartered SingleStore offers a real-time SQL database that allows enterprises to integrate, monitor and query datasets of all types from all available sources as a single entity.
The company today announced it has raised $116 million in a fresh round led by the growth equity business within Goldman Sachs Asset Management.
SingleStore database: A one-stop shop
At the core, SingleStore’s database serves as the one-stop shop to power all data-intensive applications across multicloud, hybrid and on-prem environments. It comes with universal storage technology, which combines the attributes of an in-memory row store, on-disk column store and cloud object storage to support both transactional and analytical data workloads. This eliminates unnecessary data movement and helps enterprises run queries across large, constantly changing datasets at high speeds.
“By unifying different types of workloads in a single database, SingleStore supports modern applications, which frequently run real-time analytics on transactional data,” Holger Staude, managing director at Goldman Sachs, said. “The company aims to help organizations overcome the challenges of data intensity across multicloud, hybrid and on-prem environments.”
The solution also offers separation of storage and compute, for both transactions and analytics, allowing users to scale compute to meet the needs of any workload while managing storage separately. Leading enterprises, 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 drive our Pulse platform, which requires us to process massive amounts of data from disparate sources,” Christoph Malassa, head of analytics and intelligence solutions at Siemens, said. “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 adoption of big data and AI has led to the rise of several players providing scalable cloud database management systems. This, according to Gartner’s Magic Quadrant, includes niche players such as Couchbase, MariaDB and Cockroach Labs, as well as leaders like Snowflake, Databricks, Teradata and Oracle.
As per SingleStore’s website, when compared to Oracle’s offering, their database can drive 10-100 times better performance at just a third or fourth of 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 round of funding, which takes the total capital raised to $382 million, SingleStore will focus on further improving its database and acquiring more customers.
“SingleStore will continue to innovate as the only true primary high-performant database that brings together transactions and analytics, allowing developers and data architects to deliver exceptional real-time results through their applications,” Raj Verma, the CEO of the company, told VentureBeat.