SingleStore has had a blockbuster first half of 2022, despite uncertain times for business and the economy as a whole.
1. We closed a funding round of $146 million
Our Series F-2 round, led by Goldman Sachs and joined by new investor Prosperity7, is the latest sign of our success. Closing the round provided $146 million, ensuring a solid financial foundation as we move forward with product development and innovation; accelerating sales, international expansion; and other strategic initiatives.
2. We increased value and capabilities for our customers
Above all else, we are passionate about adding value for SingleStore customers by delivering new capabilities. At our 2022 summer product launch event, we unleashed expanded capabilities to address real-time applications and workloads. These capabilities now empower SingleStore users with a whole new level of ease of use, efficiency, optimization, performance, resilience, scalability, security and speed.
3. We expanded our customer base
Our growing base of customers attests to the fact that smart enterprises clearly understand the value that SingleStore delivers. In August of this year, we announced Captain Metrics, DataDock Solutions, tech giant Dell Technologies, Digital Asset Research, Foodics, impact.com and Thentia as SingleStore customers. These forward-thinking, industry-leading companies are leveraging SingleStore’s superior database performance and real-time insights to enable a range of advertising, customer service, food services, financial services and technology use cases.
4. We have proof: SingleStore delivers more for less
Third-party research published this year revealed that SingleStore provided greater value at a far lower cost than the competition. A GigaOm benchmark study demonstrated that SingleStoreDB — which uniquely combines transactional and analytical workloads in a single unified engine — delivers a 50% lower total cost of ownership (TCO) compared to the combination of MySQL and Snowflake and a 60% lower TCO than the combination of PostgreSQL and Redshift.
5. Our customers love us and we have awards to prove it
Additionally, we are honored to have earned a variety of awards this year. The Dresner Advisory Services 2022 Industry Excellence Awards categorized SingleStore as an overall Leader in Analytical Data Infrastructure (ADI). And the TrustRadius Best of Summer 2022 awards recognized SingleStore for its value, feature set and relationship in relational databases.
I’ve said it before, and I’ll say it again: The only awards that truly matter are those that reflect the voice of the customer. That’s why these two awards are particularly significant for us.
6. The SAS Viya integration with SingleStore launched
The SAS and SingleStore engineering teams have been working to pioneer a first-of-its-kind integration that addresses key aspects of the data movement challenge. The SAS Viya with SingleStore integration uses a streaming protocol to reduce data movement and replication. This ultimately lowers cloud computing costs. SAS has integrated their analytic embedded process engine (EP) into SingleStore’s distributed database for best in class analytics and real-time performance. These are deep technical innovations that enable customers to have an excellent experience. Curious? Try it for free.
7. Our leadership and diversity is growing
With the addition of Sue Bostrom to our board, I’m excited to continue to keep adding amazing talent to our leadership. Diversity has been top of mind for us and we value people from all walks of life and experiences. I commend the progress we have made but we have a lot more work to do in our diversity, equity and inclusion efforts. We are committed to being seen as an example in the industry.
Bonus: The year isn’t over yet!
Our opportunities to serve customers and win new business only continue to grow.
Real-time analytics will be a trend throughout 2022, into 2023 and beyond. In today’s digital services economy, the world is full of businesses that are now service providers. Those businesses need a distributed, relational, cloud-native, multi-cloud, multi-model database to address the growing volume, velocity and video of data and today’s data-intensive applications.
Businesses will use data and analytics to help alleviate persistent supply chain challenges. And more organizations will use SingleStore to manage point of sale, product inventory and logistics data in a single, scalable database to get real-time visibility and do optimization and forecasting.
E-commerce and retail organizations, among others, will also increasingly employ modern data management to optimize interactions with customers. With SingleStore, companies can provide customers with personalized experiences using real-time segmentation, attribution and smart recommendations. Businesses can also drive sales with customer overlap analysis using converged real-time data and historical analysis in our single, SQL-accessible database.
Going forward, machine learning and artificial intelligence will become even more essential. Growing adoption of these technologies will also equate to a growing need for SingleStore because legacy and stitched-together databases can’t meet growing real-time demands.
We are excited to work with our great customers and investors, who are helping us to spread the word about our singular, innovative approach to data-intensive applications. And we look forward to heading into the fourth quarter — and soon, a new year — even stronger than before.
