Yugabyte, the open source distributed SQL databases platform, has 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.
“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 grow Yugabyte’s field and engineering teams and fuel the company’s expansion into new markets.
“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.”
“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.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.