Business Wire India
Yugabyte, the leader in open source distributed SQL databases, today announced that 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 President Jai Das also joins the Yugabyte Board of Directors. The round, which comes seven months after its previous round, brings the company’s total funding to over $290 million and values Yugabyte at more than $1.3B.
YugabyteDB is the database of choice for cloud-native global applications, trusted by organizations like Wells Fargo, Kroger, Hudson River Trading, Narvar, and others. YugabyteDB offers unmatched flexibility, continuous availability and speed for born-in-the-cloud applications as well as mission-critical enterprise microservices. The funding comes on the heels of the launch of Yugabyte Cloud, Yugabyte’s fully managed database-as-a-service offering, announced in September.
“As organizations embrace digital transformation and endeavor to become more data-driven, the need for a cloud-native database that can scale with them grows,” said Bill Cook, CEO, Yugabyte. “YugabyteDB was built to address this expanding market and to meet the current and future needs of any business, regardless of their cloud infrastructure. We are thrilled to have more resources at our disposal to help us better serve our customers, and we are excited to draw on Jai’s wealth of knowledge in this space going forward.”
The influx of capital will be used to further grow Yugabyte’s field and engineering teams and fuel the company’s expansion into new markets. This will enable faster enterprise adoption of the Yugabyte Cloud product offerings which deliver a streamlined operational experience for running YugabyteDB in any public, private, or hybrid cloud or Kubernetes infrastructure.
“The beauty of YugabyteDB lies in its power and simplicity, working for any organization and at any stage. Regardless of whether you’re a large enterprise modernizing your existing data infrastructure, a startup born in the cloud or something in between, Yugabyte’s cloud-native, open-source, geographically distributed SQL database can run on any 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 an exceptional technology built by an exceptional founding team. We’re thrilled to back Yugabyte and help scale it to a company of consequence.”
Adoption of YugabyteDB for systems of record, as a serving layer for customer facing applications, and for edge and IoT applications, speaks to the strong demand for the database’s geographic data distribution, horizontal scalability, and transactional capabilities. YugabyteDB has customers across all verticals, including retail, financial services and telecommunications. More than 1,200 organizations have signed up for Yugabyte Cloud since its beta launch last year.
“Cloud-native application development is one of the strongest forces in enterprise technology today and Yugabyte provides a scalable database that is fast and effective without compromising consistent quality,” said Tom Richardson, Head of Wells Fargo Principal Technology Investments. “Wells Fargo Strategic Capital is excited to invest in Yugabyte’s continued growth as it caters to various types of organizations on their journey to streamline and modernize their data infrastructure.”
Growth in the YugabyteDB open source community has also exploded with over a million YugabyteDB clusters deployed across 80+ countries, and the Yugabyte Slack channel now boasting over 4,200 members.
Yugabyte is the company behind YugabyteDB, the open source, high-performance distributed SQL database for building global, cloud-native applications. YugabyteDB serves business-critical applications with SQL query flexibility, high performance and cloud-native agility, thus allowing enterprises to focus on business growth instead of complex data infrastructure management. It is trusted by companies in cybersecurity, financial markets, IoT, retail, e-commerce, and other verticals. Founded in 2016 by former Facebook and Oracle engineers, Yugabyte is backed by Lightspeed Venture Partners, 8VC, Dell Technologies Capital, Sapphire Ventures, and others. www.yugabyte.com
Sapphire is a leading global technology-focused venture capital firm with more than $6.8 billion in AUM with team members across Austin, London, New York, Palo Alto and San Francisco. For more than two decades, Sapphire has partnered with visionary management teams and venture funds to help scale companies of consequence. Since its founding, Sapphire has invested in more than 165 companies globally resulting in 29 IPOs and 45 acquisitions. The firm’s investment strategies — Sapphire Ventures, Sapphire Partners and Sapphire Sport — are focused on scaling companies and venture funds, elevating them to become category leaders. Sapphire’s Portfolio Growth team of experienced operators delivers a strategic blend of value-add services, tools and resources designed to support portfolio company leaders as they scale. To learn more about Sapphire, visit: https://sapphireventures.com
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