Yugabyte has raised $188 million in oversubscribed Series C funding led by Sapphire Ventures in support with Alkeon Capital, Meritech Capital, and Wells Fargo Strategic Capital and others.
The new funding comes seven months after the company raised $48 million in a Series B-1 round that puts the company’s valuation at more than $1.3 billion.
Yugabyte’s open source database provides both the Apache Cassandra and PostgreSQL databases with API compatibility. It on-premises and cloud-managed offerings for its database.
“This additional funding will enable us to further grow Yugabyte’s field and engineering teams and fuel the company’s ongoing expansion into new markets around the world,” writes Bill Cook, CEO of Yugabyte in the company blog.
“We built YugabyteDB to address the growing unmet need for a cloud native transactional RDBMS for modern applications.”
YugabyteDB is an open source distributed SQL database that can run anywhere cloud native applications are deployed, across private, public, hybrid, and multi-cloud environments. The database combines powerful RDBMS capabilities with cloud native resilience, scale, and geo-distribution.
The company said, in addition to enterprises that are modernising their application and data footprint, born-in-the-cloud companies like Xignite, Narvar, and Admiral are also embracing YugabyteDB to future-proof their data infrastructure. Microservices and agile practices enable high feature velocity and innovation. Because there is no telling when a new feature will be a massive hit creating unexpected demand, these applications and databases need to be ready to scale quickly and non-disruptively. With YugabyteDB, companies can be ready to handle unexpected scaling needs and continuous availability so their unplanned success doesn’t take their application down.
The company had also revealed its expansion plans in hiring across a variety of departments and locations, and plan to double our headcount in the next year.