US-based startup Materialize, the first streaming SQL database company, raised US$ 40 million in funding on 30 November 2020.
The funding round was led by Bucky Moore of Kleiner Perkins. Other participants In the round include Lightspeed Venture Partners, executives from Cockroach Labs, Datadog and Rubrik. In 2019, Ravi Mhatre has led a Series A investment in the company of US$ 8 million.
The amount raised will be utilized by the startup to grow its engineering team, prepare the business for growth and extend product rollout.
Founded in 2019 by Frank McSherry and Arjun Narayan, Materialize aims to make it easy for any developer or analyst to understand streaming data, answer complex questions and build intelligent applications using standard technology. Based in New York City, the Materialize team includes engineers who were early employees of Cockroach Labs, Datadog, Dropbox, Pure Storage and YouTube. Co-founder and chief scientist of Materialize, Frank McSherry was previously working at Microsoft Research Silicon Valley. There he had co-invented Differential Privacy and led the Naiad project. He has also created Timely Dataflow and Differential Dataflow which serve as the basis of Materialize.
“A company’s ability to use real-time data for insights and value will determine which companies lead their respective industries in the years ahead,” said Arjun Narayan, co-founder and CEO of Materialize. “When the world changes quickly, you need a way to interpret the chaos and make the right decisions quickly. Our mission is to make real-time information simple and accessible so businesses can easily identify what’s important.”
According to Gartner, by 2022, most major new business systems will use streaming data to improve decision making. Materialize is making it simple for any business to use streaming data while accelerating time to value. It provides them with millisecond response times, accelerating time-to-value and enabling decision-makers to confidently predict results instantaneously. It computes and maintains data as it is generated. Therefore, queries are accessible the moment they are needed.
What Investors have to say
“Every business is going to be a real-time business within the next few years, but current approaches require compromises between cost, speed and skills to get there. The Materialize team has been studying this problem for a decade and has built a unique approach that puts them in a strong position to fulfil the massive potential of streaming data without requiring compromises by engineering teams,” said Bucky Moore, partner at Kleiner Perkins.
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