Software maker SingleStore hits unicorn status after Goldman-led fundraise

The emblem for Goldman Sachs is seen on the buying and selling flooring on the New York Inventory Alternate (NYSE) in New York Metropolis, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly

July 12 (Reuters) – Software program maker SingleStore mentioned on Tuesday it had raised $116 million in a funding spherical led by Goldman Sachs Asset Administration, propelling it to unicorn standing.

The corporate didn’t disclose its actual valuation. A unicorn is a start-up that’s valued at greater than $1 billion.

The funding spherical took SingleStore’s complete increase to $278 million during the last 20 months and likewise included Sanabil Investments, Dell Applied sciences Capital, Hewlett Packard Enterprise, IBM ventures Perception Companions and GV – previously Google Ventures.

Based in 2011, SingleStore powers data-intensive functions and runs real-time analytics for a bunch of shoppers together with Uber Applied sciences Inc (UBER.N), Common Electrical Co (GE.N), Kellogg Co (Ok.N) and Siemens AG .

Enterprise capital companies and personal fairness giants have continued to pour funds into know-how start-ups this 12 months regardless of a selloff that has roiled listed firms within the sector.

For example, Common Atlantic, Andreessen Horowitz and Tiger World – a few of the world’s largest traders – have backed funding rounds of software program companies SpotOn and Talos as they guess on a restoration in valuations. learn extra

Primarily based in San Francisco, SingleStore partnered with Worldwide Enterprise Machines Corp (IBM.N) in April to launch SingleStoreDB – a subscription-based software program that helps cut back {hardware} prices and shortly run data-intensive stories utilizing a single database.

The corporate is led by Chief Government Raj Verma and lately employed former Deutsche Financial institution government Brad Kinnish as its finance chief.

Reporting by Mehnaz Yasmin in Bengaluru; Enhancing by Aditya Soni

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