We’re at an inflection point in enterprise IT at the moment, where a years-long trend of organizations gradually migrating to the cloud - and in particular more complex hybrid and multi-cloud environments - has seen a massive acceleration, in large part due to Covid-19. There are more using its open-source, free version, and it says that some 1,200 organizations “have signed up for” its fully-managed solution, Yugabyte Cloud, since its beta launch last year. The company tells me it is approaching 50 commercial customers currently. Wells Fargo is one of Yugabyte’s key commercial customers, alongside Kroger, Hudson River Trading, Plume and other organizations that handle large amounts of data in their businesses, and in particular are looking for SQL-based solutions that can be used across multi-cloud, heterogeneous environments.
MOXTRA REVENUE SERIES
It was only seven months ago that the startup closed its Series B round (which totaled $78 million). The Series C is being led by Sapphire Ventures, with Alkeon Capital and Meritech Capital, Wells Fargo Strategic Capital, and previous backers Lightspeed Venture Partners, 8VC, Dell Technologies Capital, and Wipro Ventures, all also participating, among other unnamed backers. Today, a company called Yugabyte, which has built an open-source distributed SQL database model to help handle all that volume, is announcing that it has raised $188 million at a valuation of over $1.3 billion - a big round of funding and big valuation that underscore the market demand for better tools, and the demand that Yugabyte is in particular is seeing.
Today’s world is run on data, and the amount of it that is being produced, managed and used to power services is growing by the minute - to the tune of some 79 zettabytes this year, according to one estimate.
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