We’re excited to share the news that we have raised $60 million in Series C funding, led by our newest partner, Redpoint Ventures, and joined by our existing investors at Kleiner Perkins and Lightspeed Venture Partners. Earlier this year as we spent time with Logan Bartlett and the team at Redpoint, we became increasingly convinced that they really understood our vision and product, and brought a deep history of investing in the best databases. We are delighted to be working with them.
A brief introduction for new visitors: two and a half years ago, Materialize was founded to build the best streaming experience without compromising on correctness, performance, or interoperability. We emerged from stealth in early 2020 with a vision towards delivering a fully incremental SQL database in the cloud. Since then, we’ve built and released many versions of our core database and launched the beta of our fully managed cloud service.
We’re working to help companies realize the immense benefits of moving to real-time, and we’re excited to see a wide range of customers already using Materialize in production. Materialize is currently being used across a wide range of industries – financial services companies like Kepler Cheuvruex, IoT pioneers like Density, and SaaS companies like Datalot. Most of our customers start by using Materialize for real-time analytics, but quickly realize they can easily develop live analytics services for alerts and notifications, build event-driven applications and features, and rapidly improve streaming data pipelines.
This round, less than a year after our $32m Series B, brings our total funds raised to over $100 million dollars. Why did we raise this money? Put quite simply, we believe this is the order of magnitude of investment that it takes to build a production-ready database. Databases are notoriously hard to get right, and we do not intend to cut any corners. We have an ambitious roadmap ahead of us, and we’re excited to run full steam towards bringing it to fruition.
Fundraising is a small moment on a long journey. On that note, we’re far more excited about what this investment enables: continuing to grow our team to realize our vision. We have open positions in all departments, and if you are excited by the prospect of joining our team, we welcome your application for any of our open roles!
We’re also cautiously optimistic about a safe return-to-office, and have been hiring with a view towards building a fully hybrid workplace. We recently moved into a roomy new NYC space as our anchor location and headquarters, and we also work with incredible individuals throughout North America and Europe as well.
Come join the Materialize team to help us build the next generation of streaming data tools! If you’d like to learn about the existing 40-person strong Materialize team, check out our team page and feel free to connect directly with us, download Materialize or try it in the Cloud, as well as check out the source on GitHub!