Yugabyte lands $30M Series B as open source database continues to flourish
It's been a big period of positive change for Yugabyte, makers of the open source, cloud native YugabyteDB database. Just last month they brought on former Pivotal CEO Bill Cook as CEO, and today the company announced it has closed a $30 million Series B.
8VC and strategic investor WiPro led the round with participation from existing investors Lightspeed Venture Partners and Dell Technologies Capital. Today's investment brings the total raised to $55 million, according to the company.
The startup also announced that former Pivotal co-founder Scott Yara would be joining the company's board. Along with Cook, that brings a distinct Pivotal influence to the company.
Kannan Muthukkaruppan, who was CEO, now holds the title of president. He says that the company has built a fully open source, high performance distributed SQL database meant for transactional workloads in the cloud."
Today, in addition to the open source product, it offers a private Database as a Service platform to enterprise customers. This can run on a variety of platforms including public, private, or hybrid cloud or Kubernetes infrastructure. The company also offers a fully managed cloud service, which is currently available on AWS and Google Cloud Platform with Azure support coming in the future.
The founders have quite a pedigree. Muthukkaruppan spent 13 years at Oracle helping build Oracle's relational engine. Then he moved onto Facebook in the early days where he met co-founders Karthik Ranganathan and Mikhail Bautin. The founding team worked on database technology that helped scale Facebook from 40 million users to over a billion.
It was that background that really caught the attention of Cook. First of all, there's a huge market opportunity here that we think we fit into, and it is unique in the sense of the pedigree that this team has, and what they built and the expertise they have across that whole spectrum of being able to scale and have [a database that is] performant across [geographic] zones," he said.
As the company gets this investment, it's not only a period of change inside the organization, it is against the backdrop of the worldwide pandemic and economic fallout from that event, but Muthukkaruppan sees momentum here in spite of the macro conditions.
With COVID-19, we actually saw an increased sense of urgency across many enterprises, wanting to move businesses to the cloud and improve their operational and go-to-market efficiency around the product that they were bringing to market," he said. He believes that the company's database can be a key part of that.
The company currently has 50 employees, but sees doubling that number in the next 12-18 months as interest in the products continues to grow. Cook says the company has a diverse workforce today, and he will continue to build on that in his hiring practices.
The more inclusive you can be ties to all our principles and values [as a company] already so we're not changing how we operate," he says. He says diversity is not only the right thing to do from a human perspective, it also makes good business sense to have a diverse workforce.
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