Amidst an otherwise challenging year due to world events, I am thrilled that SingleStore’s results thus far have been outstanding, and we now have even more to celebrate.
Today, we announce a new round of funding in the amount of $116M led by the beacon of financial institutions, Goldman Sachs Asset Management. We also welcome Sanabil Investments, who joined this round as a new investor, and we’re thrilled to have participation from existing investors whose continued investment speaks to their belief in the company’s value and growth. With this funding, we have raised $278 million over the last 20 months, and our valuation is upwards of $1.3 billion. We are truly at unicorn status!
We continue to strengthen our executive team as well, and I am very pleased with the tremendous talent and experience we’ve added to SingleStore’s leadership. Earlier this year, we announced that Shireesh Thota joined as SVP of Engineering, alongside Yatharth Gupta, VP of Product Management — two very impressive hires for us. Our new chief financial officer, Brad Kinnish, came on board at the beginning of June, joining us as we finalized the details of this latest round. And today, we announced that Meaghan Nelson joins us as General Counsel. I cannot emphasize enough how strategic these new leaders are for SingleStore, and how excited I am to see what we can accomplish together.
It really has been a year of accomplishment for SingleStore, and it’s only July. We kicked off 2022 by partnering with industry leaders IBM and SAS to accelerate insights for real-time, data-intensive applications and reduce total cost of ownership (TCO) for our joint customers.
And our claims are validated. We conducted a TCO study with GigaOm that revealed our unparalleled performance in the industry. Results show that SingleStoreDB delivers a 50% lower TCO against the combination of MySQL and Snowflake and a 60% lower TCO compared to the combination of PostgreSQL and Redshift.
While we’ve received many accolades and industry awards, there is one in particular I want to call out. In May 2022, we were honored to have won four top-rated categories from TrustRadius, the verified site for the users of technology to provide reviews. We won because our users reviewed us and shared amazing stories about how much they love using our technology. Thank you to all who shared your excitement about what you can accomplish with SingleStore.
All the above speaks to our upward trajectory in the database space even as we notice broader shifts in the industry. In the last few weeks, we’ve seen database companies like Snowflake and MongoDB make announcements about plans to update their capabilities to support transactional and analytical data to keep up with market demands. We can certainly understand why these worthy competitors want to head in this direction. We think it’s great that they understand the shifts in the industry, and we appreciate the renewed attention their announcements put on the importance of having both transactional and analytic capabilities in one database, something that we embraced from day one.
It’s pretty hard to take a gasoline powered car and turn it into an electric one by strapping on a new engine. It doesn’t work, at least not well. The Tesla had to be designed as electric from the get go. The fact is, SingleStore has realized from the beginning that one database for both transactions and analytics is the only way to achieve fast results. It’s what we were designed for. The future demands real time, and we have empowered customers to do real-time streaming, operational and analytical processing using a single, general-purpose, modern, cloud-native database for several years running now. We have a fantastic product, and we are already leading the way in real-time analytics.
But we are not resting on our laurels. We will invest time and resources to innovate more and even faster — like our collaboration with Intel. Working together, we will optimize the performance of SingleStoreDB on current and future Intel architectures so our customers can handle new levels of data intensity with real-time analytical and transactional workloads.
If you are curious to learn more about what we’re up to, please join us on July 13 when we host [re]volution 2022, our launch event that includes customer use cases involving data intensity, live product demos and much more. See you there.
