DataStax, the database company based on the open-source Cassandra system, has secured $115 million in funding at a $1.6 billion valuation.
Led by Goldman Sachs’ Growth Equity business and backed by RCM Private Markets and EDB Investments, the latest round follows a strong first quarter based on the popularity of DataStax’s Cassandra DBaaS Astra DB. Existing investors include Crosslink Capital, Meritech Capital Partners, OnePrime Capital and others.
Cassandra is a large-column, distributed store database suitable for real-time use cases such as e-commerce and inventory management, personalization and recommendations, Internet of Things applications, and sensing frauds. It is available for free on the Apache Version 2 license, although DataStax offers the Astra managed service on a subscription model.
Yes sir, no sir, 3 NoSQL bags sir: That’s a dazzling reference… but WTF does that mean?
Netflix, for example, has been using Cassandra since 2013, replacing Oracle databases and using the NoSQL system to support global accounts and customer data around the world.
Talk to The registerChet Kapoor, CEO of DataStax, claimed that Cassandra was the most scalable NoSQL database in the world.
“We serve real-time applications with an open data stack that just works. We’re specifically not in the deep lane: the analytics side. It’s Databricks and Snowflake and so on. We’re very focused on fast lane: we serve developers who actually build applications in real time.”
Kapoor said the developers wanted a full stack, provided by DataStax, based on open source technologies.
DataStax supports 800 customers while its use of Astra DBaaS has grown 350% over the past year and contributed half of the company’s annual recurring new revenue, the CEO said. He also said DBaaS was half the price of equivalent managed services on AWS.
However, given the current turmoil in tech stocks, Kapoor would not be attracted to the timing of an IPO.
“The IPO is just an event. It is a very important event for the shareholders, for the employees, for our customers, [and] for the developers who use our products because it is a great event for them to see how their bet on DataStax pays off. But we are creating a sustainable business for a long period of time. We’ll do it when it makes sense, but we’re not going to rush it. If it makes sense and the markets are good we will get there, if it doesn’t we will continue to build a core growth business,” he said.
Cassandra was first developed on Facebook and became open source in 2008. It joined the Apache Incubator in 2009 and became a top Apache Foundation project in 2010. Apple, Instagram, Uber, Spotify, Twitter, Cisco, Rackspace, eBay and Netflix are all expected to use the system. ®