Software maker SingleStore hits unicorn status after Goldman-led fundraise

ByArlen Simpelo

Jul 16, 2022 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly

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July 12 (Reuters) – Software maker SingleStore said on Tuesday it had raised $116 million in a funding round led by Goldman Sachs Asset Management, propelling it to unicorn status.

The company did not disclose its exact valuation. A unicorn is a start-up that is valued at more than $1 billion.

The funding round took SingleStore’s total raise to $278 million over the last 20 months and also included Sanabil Investments, Dell Technologies Capital, Hewlett Packard Enterprise, IBM ventures Insight Partners and GV – formerly Google Ventures.

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Founded in 2011, SingleStore powers data-intensive applications and runs real-time analytics for a host of customers including Uber Technologies Inc (UBER.N), General Electric Co (GE.N), Kellogg Co (K.N) and Siemens AG .

Venture capital firms and private equity giants have continued to pour funds into technology start-ups this year despite a selloff that has roiled listed companies in the sector.

For instance, General Atlantic, Andreessen Horowitz and Tiger Global – some of the world’s biggest investors – have backed funding rounds of software firms SpotOn and Talos as they bet on a recovery in valuations. read more

Based in San Francisco, SingleStore partnered with International Business Machines Corp (IBM.N) in April to launch SingleStoreDB – a subscription-based software that helps reduce hardware costs and quickly run data-intensive reports using a single database.

The company is led by Chief Executive Raj Verma and recently hired former Deutsche Bank executive Brad Kinnish as its finance chief.

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Reporting by Mehnaz Yasmin in Bengaluru; Editing by Aditya Soni

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