- Yugabyte said that this financing will be used to support the continued momentum of Yugabyte’s open source project
- Scott Yara, co-founder and former senior vice president (SVP) of Products of Pivotal Software, to its board of directors
Yugabyte, which works in open source distributed SQL databases has announced that it has $30 million in an oversubscribed Series B round. It was lead by 8VC and saw participation from from strategic investor Wipro Ventures and existing investors Lightspeed Venture Partners and Dell Technologies Capital.
The company said that this round brings the company’s total funding to $55 million. It also added Scott Yara, co-founder and former SVP of Products of Pivotal Software, to its board of directors.
Broader enterprise adoption
Yugabyte said that this financing will be used to support the continued momentum of Yugabyte’s open source project and push towards broader enterprise adoption of its commercial products. Its commercial products include Yugabyte Platform, a self-managed private database-as-a-service offering available on any public, private, or hybrid cloud or Kubernetes infrastructure. It also includes Yugabyte Cloud, a fully-managed database service currently available on AWS and Google Cloud.
Kannan Muthukkaruppan, co-founder and president, Yugabyte said, “We built YugabyteDB from the ground up to meet the untapped cloud-native database demand from small and large enterprises alike. This round of funding from 8VC, Wipro Ventures, and others validates our approach. Bhaskar Ghosh, Partner, and CTO at 8VC who led the investment and will join the Yugabyte board, is no stranger to enterprise data infrastructure; he worked at the core of Oracle and Informix databases and later helped fuel LinkedIn’s growth as its Head of Data Engineering. We are thrilled to be working with Bhaskar and 8VC’s dynamic team of investors with entrepreneurial roots that take a long-term view on disruptive technologies like ours.”
IDC predicts next year will be the “year of multi-cloud”, driven by digital transformation acceleration due to the COVID-19 pandemic. Gartner predicts that in 2022 75 per cent of all databases will be deployed or migrated to a cloud platform.
YugabyteDB open source community
Wipro Ventures managing partner Venu Pemmaraju said, “We are excited to welcome Yugabyte into the Wipro Ventures portfolio and bring their modern database technology to Wipro’s Global 1000 enterprise clients. We see a big opportunity to leverage Yugabyte’s technology for building and powering our clients’ newest web-scale applications. With geographic data distribution and high-performance requirements, distributed SQL provides very compelling value to our clients, particularly those in financial services and retail.”
Yugabyte’s customer base includes Kroger, Narvar, Plume, Admiral, and Xignite, among others. The company said that growth in YugabyteDB open source community has increased with a 4x increase in new clusters, a 13x increase in Slack users, and a 3x increase in GitHub stars in the last year.
Bhaskar Ghosh, partner, and CTO at 8VC added, “Legacy source-of-truth databases form the beating heart of enterprises, and their movement to the cloud has just begun. This massive market deserves a product as beautifully architected and operable as the Yugabyte platform, and as formidable a team led by developer legends as Kannan, Karthik and Mikhail. 8VC’s mission is to support exceptional technical entrepreneurs who are building transformational technologies that will enable the next-generation of smart data-driven enterprises. I cannot think of anybody better positioned to be a leader in this space than Yugabyte and the 8VC team is excited to be part of its journey to transform the enterprise
