With over 600 new enterprise customers in the first half of 2016, Redis also secures Series C funding to continue market momentum
Mountain View, July 21, 2016—Redis, the home of Redis, today announced 350 percent year over year revenue growth for its Redis Enterprise Cluster (RLEC), downloadable software that supports on-premises enterprise Redis deployments. Redis 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 for their database needs.
Founded in 2011 by Ofer Bengal and Yiftach Shoolman, the company has over 6,200 enterprise customers and its Redis Cloud service exceeds 55,000 accounts. Redis’ hyper growth within the enterprise follows a 45 percent increase in global headcount as well as significant new partnership engagements with Samsung, Pivotal, Databricks, Accenture, Infosys and Wipro. The first half of 2016 also marked ground-breaking Redis innovations including Redis Modules, Redis on Flash and integration with Apache Spark.
Additionally, Redis raised a $14 million Series C investment, at a significantly increased valuation from the previous two rounds. Bain Capital Ventures and Carmel Ventures led this Series C round, with participation from other existing investors. With this new capital, Redis will expand sales and marketing efforts to accelerate global customer acquisition.
“Enterprise demand for Redis is exceeding all expectations,” said Ofer Bengal, CEO and co-founder, Redis. “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’ products, which enhance open source Redis with enterprise-class high availability, effortless scaling and reduced operational overhead.”
“NoSQL is the fastest growing segment of the database market which has been historically dominated by RDBMS players,” said James Curtis, senior analyst with 451 research. “The combination of innovations like Redis Modules from the vibrant open source Redis community, and enterprise focused advances from Redis such as Redis on Flash, make Redis a solid NoSQL option.”
“Redis is the fastest growing database of any kind right now, SQL or NoSQL. It’s been exciting to see Redis evolve from its humble beginnings as a superfast cache into the de-facto in-memory database platform. Redis has been blazing a trail with in-memory database architectures, so much so that within a couple of years it will seem silly to not have your operational databases in DRAM. And with Redis now also optimized for Flash, we get high performance and low cost for every scenario that needs a database, an irresistible combination for any new application developer,” said Salil Deshpande, Managing Director, Bain Capital Ventures. “With thought leadership and tremendous expertise in Redis development and an enterprise product with flexible modes of deployment, Redis is well positioned to satisfy the scale, speed and efficiency needs of enterprises of all sizes.”
Additional highlights from 2016 include:
Expanded Strategic Partnerships
Data is the lifeline of every business, and Redis helps organizations reimagine how fast they can process, analyze, make predictions, and take action on the data they generate. Redis provides a competitive edge to any business by delivering open source and enterprise-grade data platforms to power applications that drive real-time experiences at any scale. Developers rely on Redis to build performance, scalability, reliability, and security into their applications.
Born in the cloud-native era, Redis uniquely enables users to unify data across multi-cloud, hybrid and global applications to maximize business potential. Learn how Redis can give you this edge at redis.com.