MemSQL, a distributor of in-memory database technology for real-time analytics, has secured $35 million in Series B funding with an investment led by Accel Partners.
Eric Frenkiel and Nikita Shamgunov, former engineers at Facebook, founded MemSQL in 2011. Frenkiel and Shamgunov built an in-memory, clustered application because they saw flaws in legacy big data solutions. The application they built supports high volume online transaction processing (OLTP) and online analytical processing (OLAP) workloads while providing a full SQL interface.
The new investment will be used to expand MemSQL’s product development, capitalize on the market for big data technologies, and support its growing customer base.
“We raised a $35 million series B led by Accel and with participation from Khosla Ventures and full participation from our existing investors,” explained Eric Frenkiel, CEO and founder, MemSQL. “For us, it was a real validation that what we have been doing and continue to do is bring great technology to the market.”
Previous to this round, MemSQL raised $10 million, bringing the total funding to date is a little over $45 million and the bulk of that will be used for sales and marketing expansion.
MemSQL’s current customer base includes Comcast, Shutterstock, Zynga, Morgan Stanley, and CPXI as well as many new mid-market customers. “I believe the way MemSQL is architected it gives our customers a way to scale their analytics as they grow,” said Frenkiel.
More information on MemSQL is available at www.memsql.com