Sapphire Ventures Leads Investment to Turbocharge Global Expansion and Support Explosive Enterprise Adoption of YugabyteDB
Yugabyte, the leader in open source distributed SQL databases, announced that it has closed $188 million in an oversubscribed Series C funding round. The round, led by Sapphire Ventures, includes 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. Sapphire President Jai Das also joins the Yugabyte Board of Directors. The round, which comes seven months after its previous round, brings the company’s total funding to over $290 million and values Yugabyte at more than $1.3B.
“Wells Fargo Strategic Capital is excited to invest in Yugabyte’s continued growth as it caters to various types of organizations on their journey to streamline and modernize their data infrastructure.”
YugabyteDB is the database of choice for cloud-native global applications, trusted by organizations like Wells Fargo, Kroger, Hudson River Trading, Narvar, and others. YugabyteDB offers unmatched flexibility, continuous availability and speed for born-in-the-cloud applications as well as mission-critical enterprise microservices. The funding comes on the heels of the launch of Yugabyte Cloud, Yugabyte’s fully managed database-as-a-service offering, announced in September.
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“As organizations embrace digital transformation and endeavor to become more data-driven, the need for a cloud-native database that can scale with them grows,” said Bill Cook, CEO, Yugabyte. “YugabyteDB was built to address this expanding market and to meet the current and future needs of any business, regardless of their cloud infrastructure. We are thrilled to have more resources at our disposal to help us better serve our customers, and we are excited to draw on Jai’s wealth of knowledge in this space going forward.”
The influx of capital will be used to further grow Yugabyte’s field and engineering teams and fuel the company’s expansion into new markets. This will enable faster enterprise adoption of the Yugabyte Cloud product offerings which deliver a streamlined operational experience for running YugabyteDB in any public, private, or hybrid cloud or Kubernetes infrastructure.
“The beauty of YugabyteDB lies in its power and simplicity, working for any organization and at any stage. 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,” said Jai Das, Co-founder, President and Partner, Sapphire Ventures. “Developers love its PostgreSQL compatibility, CIOs love its flexibility and architects love that their data is always available and accessible from anywhere. Yugabyte is an exceptional technology built by an exceptional founding team. We’re thrilled to back Yugabyte and help scale it to a company of consequence.”
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Adoption of YugabyteDB for systems of record, as a serving layer for customer facing applications, and for edge and IoT applications, speaks to the strong demand for the database’s geographic data distribution, horizontal scalability, and transactional capabilities. YugabyteDB has customers across all verticals, including retail, financial services and telecommunications. More than 1,200 organizations have signed up for Yugabyte Cloud since its beta launch last year.
“Cloud-native application development is one of the strongest forces in enterprise technology today and Yugabyte provides a scalable database that is fast and effective without compromising consistent quality,” said Tom Richardson, Head of Wells Fargo Principal Technology Investments. “Wells Fargo Strategic Capital is excited to invest in Yugabyte’s continued growth as it caters to various types of organizations on their journey to streamline and modernize their data infrastructure.”
Growth in the YugabyteDB open source community has also exploded with over a million YugabyteDB clusters deployed across 80+ countries, and the Yugabyte Slack channel now boasting over 4,200 members.
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