Redis Labs, a company that offers enterprise-grade services around the open-source NoSQL Redis database and memcached object caching system, today announced that it has closed a $15 million Series B funding round led by Bain Capital Ventures and Carmel Ventures. Silicon Valley Bank also participated in this round.
The Israel-based Redis Labs (which was once known as Garantia) has now raised a total of $28 million and plans to use this new round of funding to expand its sales and marketing operation.
Redis Labs’ specialty is offering extremely fast database capabilities to enterprises. Redis itself is an in-memory database, which makes for a significant speed increase when compared to regular disk-based database processing. Redis Labs also claims that this focus on in-memory processing allows it to outperform other NoSQL databases like CouchBase and Cassandra, though it’s worth noting that choosing a database system isn’t always just about raw speed. Redis Labs’ performance, however, makes it ideally suited for use cases like real-time analytics and ingesting Internet of Things data.
“DRAM is the new disk. Redis is unique among NoSQL databases in that it is an in-memory NoSQL database which runs 1,000 times faster than disk databases,” said Salil Deshpande, managing director at Bain Capital Ventures, in a statement. “Redis Labs’ strategic investments in Redis on Flash makes this outstanding performance possible at up to 70 percent lower costs.”
The company says it currently has just under 5,000 paying customers, which include the likes of Docker, Hotel Tonight and Bleacher Report. According to the company, its paying customer base has grown 116 percent over the last year, so to capitalize on this momentum, the team decided to raise this new round of funding now.
“”With the current environment of explosive interest in NoSQL databases , we see a real opportunity to increase our adoption both in large enterprises and emerging companies with this investment,” Redis Labs CEO Ofer Bengal told us. “In order to accelerate this growth, we are investing heavily in growing our go-to-market talent and enhancing both our cloud and on-premises offerings”
Redis Labs offers its users a fully managed services under the Redis Cloud brand, as well as an on-premise solution called Redis Labs Enterprise Cluster. In addition, it offers a fully managed memcached service. The Redis and memcached cloud services are priced according to how much data you’re managing with them and which additional features you need. Users can choose between AWS, Microsoft Azure, Google Cloud Platform and IBM’s SoftLayer as the hosts for these services.