Redis Labs, the company that started Redis, one of the most popular open source database in the world, has raised $100 million in a Series F funding round from Bain Capital Ventures and TCV. Existing investors like Francisco Partners, Goldman Sachs Growth, Viola Ventures, and Dell Technologies Capital also participated in the round, which values the company at a massive $1 billion.
“With this funding, Redis Labs will continue to grow the global Redis community, expand its go-to-market team and programs, and invest in the product and support services to deliver even more value for customers,” the company said in a press release.
Redis is a known brand in the SaaS space. By the use of its open source platform-Redis and commercial solution Redis Enterprise, the company has provided businesses with a platform to maximize and leverage the power of their data. Using said platform, the company is delivering a real-time solution that allows companies to manage, process and analyze their data, and use it to make predictions in real time, so as to improve customer experiences and drive their business forward.
However, if companies wanna opt for a more premium experience that provides them an edge over competitors, Redis Labs also offers Redis Enterprise, which delivers superior performance, unmatched reliability, and the best total cost of ownership. Redis Enterprise allows teams to build performance, scalability, security, and growth into their applications. Designed for the cloud-native world, Redis Enterprise uniquely unifies data across hybrid, multi-cloud, and global applications, to maximize your business potential.
Over the years, the company has managed attract over 7,500 clients using its intelligent solutions, including high profile clients, like MasterCard, Dell, Fiserv, Home Depot, Microsoft, Costco, Gap, and Groupon.
It has also started foraying into other computing based markets, and launched RedisAI, for inferencing artificial intelligence requests at the speed of Redis, and RedisGears, a programmable engine enabling data-processing options at milliseconds speed across any distributed Redis deployment. If that was not enough, the company also added RedisRaft to its list of offerings, bringing strong consistency to Redis, making it suitable to serve the most critical business applications on earth.
The last few months have been an opportunity for Redis to forge high scale partnerships in the industry, especially with popular Cloud platforms. . It signed a strategic alliance agreement with Microsoft Azure for making Redis Enterprise the top tier of Azure Cache for Redis. It also achieved advanced Technology Partner status with Amazon Web Services Partner Network, and if you already don’t know, a partnership with Amazon can do wonders for a business. Moreover, as it became available as a native service on Google Cloud in October 2019, the service has experienced over 300% growth in just two quarters.
Moreover, COVID 19, as one would expect, boosted the need for data driven solutions, as was noted by Ofer Bengal, Co-Founder and CEO at Redis Labs. “The unprecedented conditions brought on by COVID-19 have accelerated business investments in building applications that require real-time, intelligent data processing in the cloud. During this time, Redis has become even more critical to our customers, partners, and community. We will continue to invest in strengthening our community footprint, advancing the Redis technology, and helping our users to do more with Redis,” he said.
With all of these new partnerships and forays in the new market, Redis was able to qualify for a billion dollar valuation, and has raised $246 million to date now.