Redis Labs Raises $14M In Series C Funding

On July 21, Redis Labs announced the finalization of $14M in Series C funding led by Bain Capital Ventures and Carmel Ventures. The Series C funding raise builds upon 350% year over year revenue growth for Redis Labs, the creators of Redis and distributors of an enterprise-grade version of the Redis NoSQL database platform. In the first two quarters of 2016, Redis Labs notched up over 600 new enterprise customers including the likes of TD Bank, Groupon, Verizon and Twitch. Redis Labs now claims over 6,200 enterprise customers and more than 55,000 Redis Cloud accounts. The announcement of over 350% YOY revenue growth in conjunction with details of a roster of new enterprise customers in verticals that include finance, media and retail emphatically illustrate the increasing penetration of Redis in the contemporary, enterprise NoSQL database space. Fueled by the proliferation of applications marked by high transactional volume and data throughput, the impressive growth of Redis amongst enterprise customers in the first half of 2016 testifies to the importance of its in-memory, data structure store database technology whose optimization of data structures and commands delivers enhanced execution response times and application performance. With an extra $14M in funding, the industry should expect even more innovation from Redis Labs that builds upon the announcement of Redis Modules in May.

Advertisements