The service, which is fully compatible with the Redis protocol, promises to offer sub-millisecond responses for applications that need to use in-memory caching. And because of its compatibility with Redis, developers should be able to easily migrate their applications to this service without making any code changes.
Cloud Memorystore offers two service tiers — a basic one for simple caching and a standard tier for users who need a highly available Redis instance. For the standard tier, Google offers a 99.9 percent availability SLA.
Since it first launched in beta, Google added a few additional capabilities to the service. You can now see your metrics in Stackdriver, for example. Google also added custom IAM roles and improved logging.
As for pricing, Google charges per GB-hour, depending on the service level and capacity you use. You can find the full pricing list here.