Database co Redis Labs raises $100m at over $1b valuation

Ofer Bengal and Yiftach Shoolman  / Photo: Redis Labs

The open source database company has become the latest Israeli unicorn.

Israeli open source database company Redis Labs today announced that it has completed a $100 million Series F financing round at a company valuation of more than $1 billion. The financing round was co-led by Bain Capital Ventures and TCV, with participation from previous investors Francisco Partners, Goldman Sachs Growth, Viola Ventures, and Dell Technologies Capital. This latest investment brings the total amount raised by Redis Labs to over $246 million.

Redis Labs will use the new funds to grow the worldwide Redis community, expand its marketing and programs, and invest in product and support services to deliver even more value for customers.

Redis Labs, which was founded in 2011 by CEO Ofer Bengal and CTO Yiftach Shoolman delivers a real-time data platform that allows companies to manage, process, analyze, and make predictions, that will improve their customer experiences and drive their business forward. Redis Labs’ commercial product, Redis Enterprise, is the world's fastest database, leveraging modern in-memory technologies such as NVMe and Persistent Memory to offer cost-effective deployment over multiple public clouds and on-premise data centers.

Bengal said, "This investment will enable us to meet the surge in demand from companies representing every market and geography, to scale their Redis deployments and to help them win in the data-driven economy. The unprecedented conditions brought on by Covid-19 have accelerated business investments in building applications that require real-time, intelligent data processing in the cloud. During this time, Redis has become even more critical to our customers, partners, and community. We will continue to invest in strengthening our community footprint, advancing the Redis technology, and helping our users to do more with Redis."

Redis Labs has more than 7,500 customers, including MasterCard, Dell, Fiserv, Home Depot, Microsoft, Costco, Gap, and Groupon.

Published by Globes, Israel business news - en.globes.co.il - on August 25, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Ofer Bengal and Yiftach Shoolman  / Photo: Redis Labs
Ofer Bengal and Yiftach Shoolman / Photo: Redis Labs
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