RisingWave Labs, the streaming database company, announced it has received $36 million in a recent round of funding, allowing the company to meet surging demand for streaming databases that enable users to make real-time decisions based on the most recent data.
The Series A round, led by multiple partners, including the investment arm of a leading global gaming firm, Yunqi Partners, and several individual investors, brings the total funding to over $40 million.
“Companies are adopting streaming systems to support real-time applications at a rapid clip,” said Yingjun Wu, founder and CEO of RisingWave Labs. “Existing open-source systems are very costly to deploy, maintain, and use in the modern cloud environment. Our goal is not to build yet another streaming system that is 10X faster than existing systems, but to deliver a simple and cost-effective system that allows everyone to benefit from stream processing.”
RisingWave Labs aims to democratize stream processing with RisingWave, an open-source, cloud-native SQL streaming database for modern real-time applications.
With Postgres-compatible SQL as the interface to manage and query data, users can write simple SQL code to continuously process streaming data. RisingWave has adopted cloud-native architecture that separates the compute layer from the storage to maximize the efficiency of cloud resources, according to the company.
Stream processing allows users to continuously gain timely, actionable insights from real-time data and bring immense business value to companies across different verticals, such as Financial Services, Health and Life Sciences, Manufacturing and Industrials, and others. Due to the complexity and high ownership cost, however, only companies with deep pockets and data analytics expertise can adopt existing stream processing solutions.
“Lowering the barrier to entry to deploy stream processing in both legacy and green field applications is critical in enabling companies to gain insights in real time,” said Yu Chen, partner of Yunqi Partners. “There is no lack of tools to process data streams, but RisingWave is one of the few designed as a database and can be easily plugged into a modern data stack to make real-time data intelligence a reality.”
For more information about this news, visit www.risingwave-labs.com.