Israeli cloud computing startup Redis Labs has closed a $14 million Series C financing round. Bain Capital Ventures and Carmel Ventures led the round, with participation from other existing investors, at what the company described as a significantly increased valuation from the previous two rounds. Redis Labs said it will use the proceeds to expand sales and marketing efforts to accelerate global customer acquisition.
Founded in 2011 by CEO Ofer Bengal and CTO Yiftach Shoolman, Redis provides cloud database services and has over 6,200 enterprise customers and its Redis Cloud service exceeds 55,000 accounts.
The company had 350% year over year revenue growth for its Redis Labs Enterprise Cluster (RLEC), downloadable software that supports on-premises enterprise Redis deployments. Redis Labs extended its enterprise growth with 600 new enterprise customer wins in the first half of 2016 across a wide range of sectors, including finance, retail, media, communications and transportation. Major corporations such as Groupon, TD Bank, Verizon, Hipchat, DBS, RingCentral, Twitch, Menards and flydubai now trust Redis Labs for their database needs.
Bengal said, "Enterprise demand for Redis is exceeding all expectations. Next generation operational and analytic applications are ultra-responsive and depend on the extreme low latencies of Redis to deliver high performance customer experiences. These are fueling the market need for Redis Labs' products, which enhance open source Redis with enterprise-class high availability, effortless scaling and reduced operational overhead."
Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2016
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