Yugabyte Closes $ 188 Million Series C Funding Round, Bringing Valuation to Over $ 1.3 Billion
Business Wire India
Yugabyte, the leader in open source distributed SQL databases, today announced it has closed $ 188 million in an oversubscribed Series C funding round. The round, led by Sapphire Ventures, includes participation from Alkeon Capital, Meritech Capital and Wells Fargo Strategic Capital, as well as existing investors Lightspeed Venture Partners, 8VC, Dell Technologies Capital, Wipro Ventures and others. Sapphire chairman Jai Das also joins Yugabyte’s board of directors. The round, which comes seven months after the previous one, brings the company’s total funding to over $ 290 million and values Yugabyte at over $ 1.3 billion.
YugabyteDB is the database of choice for global cloud-native applications, trusted by organizations such as Wells Fargo, Kroger, Hudson River Trading, Narvar, and others. YugabyteDB offers unmatched flexibility, continuous availability, and speed for cloud native applications as well as critical enterprise microservices. The funding follows the launch of Yugabyte Cloud, Yugabyte’s fully managed database-as-a-service offering, announced in September.
“As organizations embrace digital transformation and strive to become more data-driven, the need for a cloud-native database that can scale with them increases,” said Bill Cook, CEO of Yugabyte. “YugabyteDB was designed to meet this growing market and to meet the current and future needs of any business, regardless of its cloud infrastructure. We’re excited to have more resources at our disposal to help us better serve our customers, and we’re excited to leverage Jai’s wealth of knowledge in this space going forward.
The influx of capital will be used to further develop Yugabyte’s field and engineering teams and fuel the company’s expansion into new markets. This will enable faster adoption by businesses of Yugabyte Cloud product offerings that deliver a streamlined operational experience for running YugabyteDB in any public, private or hybrid cloud or Kubernetes infrastructure.
“The beauty of YugabyteDB is its power and simplicity, working for any organization and at any stage. Whether you’re a large enterprise modernizing your existing data infrastructure, a cloud-born startup, or something in between, Yugabyte’s cloud-native, open-source, geographically distributed SQL database can run on any location. what cloud or Kubernetes environment, ”said Jai Das, Co-Founder, President and Partner, Sapphire Ventures. “Developers love its PostgreSQL compatibility, CIOs love its flexibility, and architects love that their data is always available and accessible from anywhere. Yugabyte is exceptional technology built by an exceptional founding team. We are delighted to support Yugabyte and help it grow into a big business.
The adoption of YugabyteDB for recording systems, as a service layer for customer-centric applications and for edge and IoT applications, demonstrates the strong demand for geographic data distribution, horizontal scalability and database transactional capabilities. YugabyteDB has customers in all industries, including retail, financial services, and telecommunications. Over 1,200 organizations have signed up for Yugabyte Cloud since its beta launch last year.
“Cloud-native application development is one of the most powerful strengths in enterprise technology today and Yugabyte provides a scalable database that is fast and efficient without compromising consistent quality,” Tom said. Richardson, head of core technology investments at Wells Fargo. “Wells Fargo Strategic Capital is excited to invest in the continued growth of Yugabyte as it reaches out to various types of organizations in their quest to streamline and modernize their data infrastructure. “
The growth of the YugabyteDB open source community has also exploded with over one million YugabyteDB clusters deployed in over 80 countries, and the Yugabyte Slack channel now has over 4,200 members.
For more information, visit www.yugabyte.com or follow Yugabyte on Twitter @Yugabyte.
Yugabyte is the company behind YugabyteDB, the high performance, open source distributed SQL database for building global cloud native applications. YugabyteDB serves mission-critical applications with SQL query flexibility, high performance, and cloud-native agility, allowing businesses to focus on growing the business rather than managing a complex data infrastructure. It is trusted by companies in cybersecurity, financial markets, IoT, retail, e-commerce, and other verticals. Founded in 2016 by former engineers from Facebook and Oracle, Yugabyte is backed by Lightspeed Venture Partners, 8VC, Dell Technologies Capital, Sapphire Ventures and others. www.yugabyte.com
Sapphire is a global technology-driven venture capital firm with over $ 6.8 billion in assets under management with team members in Austin, London, New York, Palo Alto and San Francisco. For more than two decades, Sapphire has partnered with visionary management teams and venture capital funds to help scale important businesses. Since its inception, Sapphire has invested in more than 165 companies around the world, resulting in 29 IPOs and 45 acquisitions. The company’s investment strategies – Sapphire Ventures, Sapphire Partners and Sapphire Sport – are focused on scaling companies and venture capital funds, elevating them to become leaders in their category. Sapphire’s Portfolio Growth team of experienced operators offers a strategic blend of value-added services, tools and resources designed to support portfolio company leaders as they evolve. To learn more about Sapphire, visit: https://sapphireventures.com