Armed with an even bigger coffer, a California technology company is plotting for growth — including at its East Coast hub in Raleigh.
California-based SingleStore announced this week that it has raised an additional $30 million in its Series F round. The addition, which includes contributions from Prosperity7, the venture arm of Saudi Aramco, brings its Series F round to $146 million.
Oliver Schabenberger, the firm’s Raleigh-based chief innovation officer, said the new capital “will help increase our rate of innovation with investment in engineering, product development and innovation.”
“You should definitely expect more hiring in the Triangle,” he said.
Schabenberger said SingleStore grew 70 percent year over year and called the funding a “great validation of our product-market fit, our technology and our execution.”
Altogether, SingleStore has raised $412 million from entities such as Goldman Sachs.
SingleStore, formerly known as Mem SQL, was founded in 2011. The database management system provider works with companies such as Uber and Pinterest. It made headlines in the Triangle when it hired Schabenberger, formerly of SAS, as its chief innovation officer in 2021.
At SAS, Schabenberger had been rumored to be the someday successor to CEO Jim Goodnight.
Under Schabenberger’s leadership, SingleStore opened an “East Coast hub” in Raleigh’s Warehouse District, which included what the company called a “Launch Pad innovation center.”
Schabenberger has described the location as an “incubator office” focused on developing new technologies.
At the time that the office opened, CEO Raj Verma said the company chose the Triangle “because the region is rich with technology and talent and is a beautiful place to live and work.”
SingleStore had announced a strategic partnership with SAS the year before Schabenberger joined the company. In August of this year, SingleStore announced it had integrated with SAS Viya, SAS’ analytic and data management platform.
SingleStore is one of several firms with Triangle locations to be impacted directly by the war in Ukraine. At the start of the conflict, the firm had 22 employees in Ukraine and had hired a consultant to help displaced team members navigate life outside of their home country.
