- The investment was co-led by Bain Capital Ventures and TCV, with participation by the company’s existing investors Francisco Partners, Goldman Sachs Growth, Viola Ventures, and Dell Technologies Capital
- Redis Labs has now raised over $246 million to-date
Redis Labs, that is the open source database and the provider of Redis Enterprise has announced that it has raised $100 million in Series F financing at a company valuation of more than $1 billion. The investment was co-led by Bain Capital Ventures and TCV, with participation by the company’s existing investors Francisco Partners, Goldman Sachs Growth, Viola Ventures, and Dell Technologies Capital. After this funding, Redis Labs has now raised over $246 million to-date.
Ofer Bengal, co-founder and CEO at Redis Labs said, “This investment will enable us to meet the surge in demand from companies representing every market and geography, to scale their Redis deployments and to help them win in the data-driven economy. The unprecedented conditions brought on by COVID-19 have accelerated business investments in building applications that require real-time, intelligent data processing in the cloud. During this time, Redis has become even more critical to our customers, partners, and community. We will continue to invest in strengthening our community footprint, advancing the Redis technology, and helping our users to do more with Redis.”
Manage, process, analyse, and make predictions
The company said that at present enterprise data is distributed, siloed, and increasing in volume. For companies of every industry to maximise and leverage the power of this data, Redis Labs is delivering a real-time data platform that allows them to manage, process, analyse, and make predictions as per the company. It added that this will improve their customer experiences and drive their business forward.
Enrique Salem, partner at Bain Capital Ventures said, “Redis has become the ideal database for companies to operate intelligently and win in the current economy. We’ve long believed in the market opportunity for a high-performance database in the cloud-era and Redis’ potential to lead this category. Since our initial Series A investment, the Redis team has done a remarkable job making Redis an essential tool for developers and being a trusted partner for global enterprises operating at scale. We’re thrilled to continue partnering to build a multi-billion dollar database company.”
Strategic alliance agreement with Microsoft Azure
Redis Labs currently has more than 7,500 customers, including MasterCard, Dell, Fiserv, Home Depot, Microsoft, Costco, Gap, and Groupon. It said that with this funding, Redis Labs will continue to grow the global Redis community, expand its go-to-market team and programs, and invest in the product and support services to deliver even more value for customers.
Gopi Vaddi, general partner at TCV said,”We, at TCV, are delighted to partner with Ofer, Yiftach, and the team at Redis Labs in their effort to revolutionize the high-performance database industry. The product leadership demonstrated by Redis Enterprise in low latency, distributed, and high availability use cases is particularly remarkable. We believe that applications demanding Redis Enterprise’s market-leading capabilities will continue to multiply in an increasingly real-time world.”
In 2020, Redis Labs has signed a strategic alliance agreement with Microsoft Azure for making Redis Enterprise the top tier of Azure Cache for Redis, and launched it in Private Preview. Public Preview is expected in early fall. After the availability of Redis Enterprise Cloud as a native service on Google Cloud in October 2019, the service has experienced over 300 per cent growth in two quarters claimed the company. It also announced RedisRaft, which brings strong consistency to Redis, making it suitable to serve the most critical business applications.