Open-source database software developer Redis Labs has raised $ 110 million in Series G funding, the company said on Wednesday, pushing its valuation above the $ 2 billion threshold.
The company will use this new funding to further develop its real-time data platform, based on its popular in-memory database, as well as to expand the company’s global presence and strengthen customer support.
The additional funding brings the total funding for Redis Labs to $ 347 million, according to the Mountain View, California-based big data company.
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New investor Tiger Global led the last round of funding with the participation of new investor SoftBank Vision Fund 2 and existing investor TCV. Tiger, SoftBank and TCV also acquired additional property in a $ 200 million secondary transaction.
Redis is best known for its open source Redis in-memory data structure store. Software that provides database, managed caching, and message broker capabilities. The database is offered as a powerful alternative to traditional relational SQL database systems.
“We founded Redis Labs with the idea that the future of the database market would be defined by performance, where Redis excels. Thanks to the dedication of our team, Redis has become an enterprise-grade data platform to tackle almost any real-time use case across all industries, ”said Ofer Bengal, Co-Founder and CEO of Redis Labs, in a press release. “The partnership with exceptional new investors such as Tiger Global and SoftBank, in addition to the continued conviction of our existing investors like TCV, validates our mission to make Redis the real-time data platform that companies de facto choose. to meet the expectations of their customers. “
Redis Labs’ product portfolio includes the Redis Enterprise Software database, the Redis Enterprise platform which includes management and development tools, and the fully managed Redis Enterprise Cloud database service.
“Organizations are increasingly looking for ways to leverage the efficiency and flexibility of the cloud to move their businesses forward and Redis Labs is the best partner for them on this journey,” said John Curtius, Partner at Tiger Global Management, in a press release. “Redis Labs has developed a real-time data platform to meet the low latency requirements of business critical applications and the go-to-market strategy to succeed alongside cloud hyper-scalers. “
Redis Labs said the company registered a CAGR of 54% in the three years ended Jan.31, 2021 and now has more than 8,000 paying customers, including 31 from the Fortune 100.