September 20, 2020

Database software program administration firm Redis Labs turns unicorn after elevating $100mn in funding

New Delhi: Database software program administration firm Redis Labs immediately mentioned it has raised $100mn in Sequence F funding, at a valuation of greater than $1 billion.

The funding spherical was collectively led by Bain Capital Ventures and TCV, with participation by the corporate’s current traders Francisco Companions, Goldman Sachs Development, Viola Ventures, and Dell Applied sciences Capital.

Redis Labs was began in Israel and is presently headquartered in Mountain View, California, USA . It ventured into India about two years in the past and has an workplace in Bengaluru.

With the funding, the corporate plans to promote an enhanced model of its database administration software program for enterprises, mentioned chief government Ofer Bengal. The corporate may also put money into constructing the group for its open supply venture. They might additionally spend on gross sales and advertising and marketing, in order to drive progress.

Bengal mentioned that the corporate would concentrate on its partnerships with cloud suppliers Microsoft Azure and Google Cloud, for which it supplies software program.

Bengal additionally mentioned the corporate plans to rent extra staff within the coming yr. They’re additionally contemplating outsourcing their product growth to their India workplace, which at the moment doesn’t deal with tech.

Bengal additionally mentioned that India was one of many fastest-growing markets for the corporate. The corporate at the moment caters to shoppers like Razorpay, ShareChat and Freshworks in India.

The corporate can be doubling down on new merchandise in synthetic intelligence in addition to growing the use circumstances for his or her databases.

Bengal additionally mentioned that the Covid-19 pandemic had “accelerated enterprise investments in constructing purposes that require real-time, clever knowledge processing within the cloud”.

“Redis has turn out to be the best database for corporations to function intelligently and win within the present financial system,” mentioned Enrique Salem, accomplice at Bain Capital Ventures. “We’ve lengthy believed out there alternative for a high-performance database within the cloud-era and Redis’ potential to steer this class.”