Bill Cook, CEO of Yugabyte, has announced that the tech firm has closed $188 million in oversubscribed Series C funding.
Sapphire Ventures led the round with participation from Alkeon Capital, Meritech Capital, and Wells Fargo Strategic Capital, as well as existing investors Lightspeed Venture Partners, 8VC, Dell Technologies Capital, Wipro Ventures, and others.
The round comes seven months after its previous round in March 2021, bringing the total funding to $290 million and values the company at over $1.3 billion.
“This additional funding will enable us to further grow Yugabyte’s field and engineering teams and fuel the company’s ongoing expansion into new markets around the world,” Cook said.
“We are seeing massive demand from enterprises and startups alike for Yugabyte Cloud product offerings, which deliver a streamlined operational experience for running YugabyteDB in any public, private, or hybrid cloud or Kubernetes infrastructure. Growing customer adoption and international demand drove this additional round of funding to accelerate product velocity and go-to-market efforts.”
Jai Das, co-founder, president and partner at Sapphire Ventures, said the beauty of YugabyteDB lies in its power and simplicity.
“Regardless of whether you’re a large enterprise modernizing your existing data infrastructure, a startup born in the cloud or something in between, Yugabyte’s cloud native, open source, geographically distributed SQL database can run on any cloud or Kubernetes environment,” Das said.
The rise of microservices, cloud infrastructure, and DevOps is putting pressure on traditional systems of record. Monolithic RDBMSs were not designed for the needs of cloud native applications.
The recent Covid-19 crisis accelerated app and database modernization initiatives as organizations raced to innovate on digital and omnichannel experiences. This “acute disruption” exacerbated database problems at leading retailers, banks, manufacturers, and other businesses.
“We built YugabyteDB to address the growing unmet need for a cloud native transactional RDBMS for modern applications,” Cook said.
YugabyteDB is an open source distributed SQL database that can run anywhere cloud native applications are deployed, across private, public, hybrid, and multi-cloud environments.
The database combines RDBMS capabilities with cloud native resilience, scale, and geo-distribution. Most importantly, YugabyteDB eliminates forced tradeoffs between different databases for cloud native applications by delivering the aggregate set of capabilities.
