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Friday, October 22, 2021

[Funding Alert] Redis Labs Enters Unicorn Club with $ 100 Million Investment

California-based software company Redis Labs (formerly known as Garantia Data) announced on Tuesday that it had closed its Series F funding by raising $ 100 million. The round of investment was co-led by Bain Capital Ventures and TCV. Among the existing investors in this round are Francisco Partners, Goldman Sachs Growth, Viola Ventures and Dell Technologies Capital.Redis Labs is the company behind Redis, an open-source database and provider of Redis Enterprise. With this new round of investment, Redis Labs has now entered the Unicorn Club (companies with valuations over $ 1 billion). The company has so far raised $ 246 million.

Enrique Salem, the partner at Bain Capital Ventures, said,

“We have long believed in the cloud-era and market potential in Redis’ ability to lead this category for high-performance databases. Since our initial Series A investment, the Redis team has made Redis an essential Has done a remarkable job of making tools. “

Founded in 2011 by Ofer Bengal and Eufach Schulman, Redis Labs is based in Mount Avision, California and also has a global research and development center in Tel Aviv. Additionally, Redis Labs has offices in India (Bengaluru), London and Austin, Texas.

In a conversation with Business Khabar, Redis Labs co-founder and CEO Ofer Bengal said, “The company now prioritized investing in open source Redis from a technology and community standpoint. Additionally, it will widen the competitive edge of Redis Enterprise by adding and expanding use cases for developers. With the new funds, Redis Labs plans to continue with its sales and marketing teams. ”

Ofer said, “The unprecedented conditions brought by COVID-19 have accelerated business investment in building applications that require real-time, intelligent data processing in the cloud. During this time, Redis is our customers, partners have become even more important. We will continue to invest in strengthening our community footprint, advancing Redis technology and helping to do more business with our users. ”

It provides real-time databases and data platforms that enable companies to manage, process, analyze and forecast with their data. Currently, Redis Labs serves more than 7,500 customers. Some of its marquee clients include MasterCard, Dell, Fisher, Home Depot, Microsoft, Costco, Gap and Groupon. In India, Redis Labs works with companies including FreshWorks, Hike, Matrimony.com, Razorpe and Swiggy.

Ofer said, “Additionally, Redis Labs intends to expand the use of Redis beyond caching. We will do this by supporting modern data models such as JSON, streams, time-series, graphs, and Redis AI.”

Since the launch of Redis Enterprise Cloud as the basic service on Google Cloud in October 2019, the service has experienced growth of over 300 percent in just two quarters. Redis Labs has also been identified as an advanced technology partner with the Amazon Web Services Partner Network.

>Read Also: Funding Alert: Actor Sunil Shetty invests in Kochi-based health tech startup Veeroots

Damini Sharma
Experienced Senior Content Writer with a demonstrated history of working in the information technology and services industry. Skilled in SEO Copywriting, Web Content Writing, Storytelling, Blogging, and Social Media. Strong media and communication professional with a mass communication focused in Journalism from Sjmc davv indore.
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