SingleStore helps businesses better manage growing volumes of data
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As global businesses continue to bask in ever-increasing volumes of data, the list of solutions to leverage this “information asset” is also expanding rapidly. Modern data architectures have become so complex that, for some businesses, data is constantly moving across different repositories and the factors of speed and scale are decoupled, resulting in and smart on the panel is delayed.
This ultimately influences key business decisions that can improve revenue, customer experience, and other areas of day-to-day business operations.
To tackle the challenge, headquarters in San Francisco SingleStore provides a real-time SQL database that allows businesses to integrate, monitor, and query data sets of all types from all available sources as a single entity.
The company today announced it has raised $116 million in a new round led by its growth equity business in Goldman Sachs Asset Management.
SingleStore Database: A Single Store
At its core, SingleStore’s database serves as the fusion point to power all data-intensive applications across multi-cluster, hybrid, and on-premises environments. It comes with global storage technology that combines the properties of in-memory row storage, disk column storage, and cloud object storage to support both transactional and distributed data workloads. accumulate. This eliminates unnecessary data migration and helps businesses run queries on large, constantly changing data sets at high speed.
“By unifying different types of workloads in a single database, SingleStore supports modern applications that often run real-time analytics on transactional data,” said Holger Staude, director executive at Goldman Sachs, said. “The company aims to help organizations overcome data intensity challenges across multi-cluster, hybrid, and on-premise environments.”
The solution also provides separation between storage and compute, for both transactional and analytical, allowing users to scale the desktop to meet the needs of any workload while managing storage. separate storage. Leading enterprises, including Hulu, Uber, GE, Fiserv, and Siemens, have replaced many SQL and NoSQL databases with SingleStore’s unified architecture.
“At Siemens Global Business Services, we rely on SingleStore to drive our Pulse platform, which requires us to process large amounts of data from disparate sources,” said Christoph Malassa, Head of Analytics and Intelligence Solutions at Siemens. “The speed and scalability that SingleStore offers has allowed us to better serve both our customers and our internal team, and extend our capabilities with them, e.g. enabling segmentation online analysis that previously had to be done offline.”
The adoption of big data and AI has led to the rise of a number of companies offering scalable cloud database management systems. This, according to Gartner magic trajectoryincluding niche players like Couchbase, MariaDB and Cockroach Labas well as leaders like SnowflakesDatabricks, Teradata and Oracle.
According to SingleStore’s website, when compared to Oracle’s offering, their database can drive 10-100x better performance for only a third or a quarter of the cost. It can process trillions of rows per second, up to 1,000 times faster than some competitors, the company added.
With this funding round, which has raised a total of $382 million, SingleStore will focus on further improving its database and attracting more customers.
“SingleStore will continue to innovate as the only true primary high-performance database that brings transactions and analytics together, enabling developers and data architects to deliver exceptional results in real time through their apps,” Raj Verma, the company’s CEO, told VentureBeat.
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