Israeli cloud startup Redis Labs attracts $100M
Israeli database software company Redis Labs has raised $100 million in a Series F funding round that pushes its valuation to $1 billion. TCV and Bain Capital Ventures were the leading investors, Francisco Partners, Goldman Sachs Growth, Viola Ventures and Dell Technologies Capital participated in the round, writes Forbes.
Redis Labs provides an in-memory database platform for applications and services. The platform offers cloud-based services and products that are utilized by developers and enterprise customers for real-time analytics, high-volume transactions, in-app social functionality, and application job management. To date, Redis Labs has more than 8,000 customers from the finance, tech and healthcare areas including Microsoft and Google.
The company was founded in 2011 and has totally raised $250 million since then. According to the CEO of Redis Labs Ofer Bengal, the company will be ready for IPO in one or two years. The new funding will go towards sales and marketing, the continued sponsorship of open source Redis and additional product innovation, Bengal says.