MemSQL, the No-Limits Database for operational analytics and cloud-native applications, is receiving $50 million in new capital after signing a debt facility agreement with Hercules Capital, the largest non-bank venture debt provider with more than $2.4 billion in total assets, who served as underwriter for the financing.
"This is a strong vote of confidence for MemSQL’s future. Our FY20 financial performance concluded with an impressive 70% growth in annual recurring revenue (ARR), and with a single-digit cash burn, our current ARR vs. cash outlay ratio is less than one,” said MemSQL co-CEO Raj Verma. “We are a well-run, well-capitalized business. As we move forward, our charter remains the same. MemSQL will always prioritize our customers’ success by delivering world-class products and services, increasing shareholder value, and contributing to our community in every way we can.”
MemSQL delivers solutions for modern data workloads spanning transactions, analytics, and AI for leading businesses undergoing digital transformation.
MemSQL is a converged data platform leader with hundreds of enterprise customers, including many within the Fortune 500. In 2019, the company launched Helios, its cloud database available on AWS, GCP and Azure.
MemSQL is proud to work with leading partners such as IBM/Red Hat, Fiserv, Infosys, Tata Consultancy Services and Virtusa to deliver innovative solutions to its customers.
Headquartered in San Francisco, and with offices in Portland, Seattle, Sunnyvale, London, Lisbon, and Kyiv, MemSQL is backed by GV (formerly Google Ventures), Glynn Capital, Accel, Khosla Ventures, Caffeinated Capital, Data Collective, and IA Ventures.
“This structured investment represents a significant commitment from Hercules and provides an example of the breadth of our platform and our ability to finance growth-orientated, institutionally-backed technology companies at various stages. We are impressed with the work that the MemSQL management team has accomplished operationally and excited to begin our partnership with one of the promising companies in the database market,” said Steve Kuo, senior managing director technology group head for Hercules.
For more information about this news, visit www.memsql.com.