Yugabyte Raises a $30 Million Series B
It is my pleasure to announce that Yugabyte has raised $30 million in an oversubscribed Series B funding round led by 8VC, with participation from Wipro Ventures and existing investors, Lightspeed and Dell Technologies Capital. Bhaskar Ghosh from 8VC joins our board of directors along with Scott Yara, formerly of Greenplum and Pivotal Software. We are truly excited to partner with Bhaskar Ghosh and the dynamic team at 8VC, as well as Venu Pemmaraju and Wipro on our mission to simplify the database tier for modern applications and help enterprises move to the cloud without lock in.
It has been an exciting few weeks for Team Yugabyte with Bill Cook joining us as our new CEO and Business Insider recognizing us as one of the startups poised to thrive in 2020. At the same time, the broader environment around us is nothing to be excited about. The simultaneous eruption of a deadly pandemic, racial injustice, and record-high unemployment is unprecedented. We are following recommended safety practices, remain forever true to our “equality for all” pledge, and are hiring — we welcome all to apply. The rest of this post is a reflection of the opportunity that lies ahead of us.
Since the company’s founding, we have been focused on building a best-in-class distributed SQL database for the cloud. This round of funding validates our focus and shows that world-class investors also recognize the growing market demand for a revolutionary distributed SQL database like YugabyteDB. Organizations are migrating to the cloud at an unprecedented pace to run their businesses more efficiently. Further, IDC predicts that 2021 will be the “year of multi-cloud” with many organizations accelerating digital transformation initiatives due to the COVID-19 pandemic.
With worldwide DBMS revenue continuing to grow ($46 billion by 2018 estimates) and Oracle Database adoption for new applications in terminal decline, YugabyteDB is serving the immediate market need for a 100% open source, high-performance relational database that can run on any cloud or Kubernetes environment, without the risk of vendor lock in from the proprietary databases of the cloud providers.
We have seen explosive growth in the adoption of YugabyteDB over the past year. There has been a 4x increase in clusters deployed, a 13x increase in Slack users, and a 3x increase in GitHub stars. We couldn’t have grown at such a high velocity without our amazing community of users, contributors, and enterprise customers.
Accolades like the above speak to the incredible work the team has been doing. While we’re delighted with the rapid rise in YugabyteDB production deployments across many innovative companies thus far, we are only getting started in our mission to simplify data infrastructure for modern cloud applications. This new round of funding will allow us to scale YugabyteDB adoption to the next level by accelerating our investments in R&D, sales, support, and marketing.
Most exciting to me is that the best is yet to come! Join us on our ambitious mission. To learn more about our open positions, please visit our careers page!