Redis Labs, the reputed privately-owned computer software company with headquarters in California, and parent of the database management system (DBMS) NoSQL, announced today that it has reached a new height in terms of valuation, owing to the shift to remote learning and online solutions to offline problems. Thanks to the spike in demand, Redis Labs not stands at a valuation of $2 billion, after successfully raising a sum of $110 million in a Series G round led by Tiger Global.
Another key investor to have left a mark during the round was SoftBank Vision Fund 2, which also joins the list of Redis Labs’ investors as a new member. Other investors including TCV (one of Redis’s existing investors), Francisco Partners, Dell Technologies Capital, Goldman Sachs Growth, Bain Capital Ventures, and Viola Ventures.
This new financial round has allowed Redis Labs to double its valuation, when compared to what it was 8 months ago in August 2020.
If you don’t know what DBMS or NoSQL is, here is a quick explanation: as the world gets online, more and more data is being generated everyday. Handling all this data is not possible without sophisticated solutions, and programs like SQL which allow data base managers to handle this vast amount of data without needing to look at every single file. This is exactly what Redis Labs and its products specialize in.
Redis Labs was first founded by now CEO Ofer Bengal and present CTO Yiftach Shoolman, back in 2011. 10 years down the line, the group has managed to raise an impressive $347 million dollars through funding, and aims to continue growing by taking informed steps in expanding the business into the worldly domain and enhancing the global footprint. Another key area of focus will be the development of customer support that’s definitely world class.
Through a press release, the firm announced that it has managed to record a CAGR (Compound Annual Growth Rate, for those of you who are wondering. It means the annual rate of growth of one’s investments of a period of time, stipulated as one year) of 54% during the past three years (which ended on January 31st 2021). CEO Bengal said, : “We founded Redis Labs with the idea that the future of the database market would be defined by performance, where Redis excels. Through the dedication of our team, Redis has become an enterprise-grade data platform to tackle nearly any real-time use case across every industry.” He further added that the recent collaborations with the new investors, in addition to the continued trust of the old ones, has strengthened their mission “to make Redis the de-facto real-time data platform companies choose to meet their customers’ expectations.”
John Curtius from Tiger Global said, “Companies are increasingly looking for ways to leverage the efficiency and flexibility of the cloud to drive their business forward and Redis Labs is the best partner for them in this journey.” SoftBank Investment Advisors Partner Vikas Parekh pitched in, saying, “As workloads increasingly move to the cloud, we believe Redis Labs is a leader who is transforming the database market. With a strong foundation with developers and in AI applications, Redis has become a critical component for global enterprises to compete in the digital economy.”
The previous fiscal year has been a gold mine of opportunities for Redis Labs, as the firm recorded more than 8,000 paying customers, including 31% belonging to the Fortune 100. In addition, the team also managed to deliver advanced technological integrations and joint go-to-market programs for their Redis Enterprise Cloud, in partnership with Google Cloud, Microsoft Azure, and AWS. The company was also named as a Challenger in the Gartner 2020 Magic Quadrant for Cloud Database Management Systems. The firm now looks to host their RedisConf2021 on April 20-21, which is routed to be attended by over 5000 members, including those from the Redis community, as well as customers and industry experts.