Yugabyte To Power Database Products With $30M Series B

Yugabyte secured $30 million in an oversubscribed Series B funding round led by 8VC, the company announced Tuesday.

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The company develops YugabyteDB, an open source distributed Structured Query Language database for customers in industries such as cybersecurity, financial markets, IoT, retail and e-commerce, to build global, internet-scale applications.

“The cloud paradigm is helping businesses to be more agile, however, on the database tier, it wasn’t designed to run on the cloud,” Kannan Muthukkaruppan, co-founder and president of Yugabyte told Crunchbase News. “That is where there is a need for fundamental rethink of the database infrastructure. We help companies move to the cloud faster by addressing the hardest part, which is the data tier.”

Joining 8VC in the investment were strategic investor Wipro Ventures and existing investors Lightspeed Venture Partners and Dell Technologies Capital. This gives the Sunnyvale, California-based company a total of $55 million raised since forming in 2016. Lightspeed and Dell led Yugabyte’s $17 million Series A back in June 2018, according to Crunchbase data.

In addition to the investment, the company said it is adding Scott Yara, co-founder at Pivotal Software, to its board of directors.

Yugabyte has two commercial products, Yugabyte Platform, a self-managed private database-as-a-service that works on the public, private or hybrid cloud or Kubernetes infrastructure, and Yugabyte Cloud, a fully managed database service currently available on AWS and Google Cloud.

The new funding will be used to support the company’s open source product and commercial adoption.

“In the last 20 months, we have seen growth in the adoption of Yugabyte, and although we have some high-calibre customers already, we are just getting started, and the funding will help us continue that momentum,” Muthukkaruppan said.

He added that continued growth will include hiring across the organization to increase its already 50-person workforce.

Illustration: Li-Anne Dias