Cloud firm Redis Labs valued at $2 bil as SoftBank, Tiger Global invest

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SoftBank Group Corp’s Vision Fund 2 and private equity firm Tiger Global Management have invested in Redis Labs, a real-time cloud analytics platform provider, in a late-stage funding round valuing the firm at over$2 billion.

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Existing investor TCV also participated in the round which raised $110 million, bringing the net amount so far to $347 million, the company said on Wednesday.

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The company’s other investors include Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Viola Ventures and Dell Technologies Capital.

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Founded in 2011 by Ofer Bengal and Yiftach Shoolman in Tel Aviv, Israel, Redis Labs’ platform helps organizations process, analyze and forecast data effectively. It has deployed over 1 million databases so far.

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The Mountain View, California-based firm has more than 8,000 paying customers including MasterCard Inc, Dell Technologies Inc, Fiserv Inc, Home Depot Inc and Microsoft Corp.

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Redis Labs’ products include in-memory database Redis and Redis Enterprise Cloud, a database-as-a-service offering. The company has an alliance with Microsoft to bring its Redis Enterprise-powered tiers to Azure Cache for Redis.

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Its revenue grew by 54% over the last three years ended Jan. 3, 2021.

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“As workloads increasingly move to the cloud, we believe Redis Labs is a leader who is transforming the database market,” said Vikas Parekh, Partner at SoftBank Investment Advisers.

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Japan’s SoftBank has made serial investments in multiple tech companies in the past few weeks, such as U.S. genetic diagnostics company Invitae Corp and Facebook-backed Indian social commerce startup Meesho.

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Earlier on Wednesday, SoftBank Vision Fund 2 also led a $640 million funding round for image recognition technology firm Trax along with BlackRock Inc.

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