Aerospike Closes $109M In Growth Capital From Sumeru Equity Partners


(MENAFN- GlobeNewsWire - Nasdaq) Reflects company's strong business momentum and rising AI demand for vector and graph databases

MOUNTAIN VIEW, Calif., April 04, 2024 (GLOBE NEWSWIRE) -- Aerospike , Inc. (“Aerospike”) today announced the close of a $109M growth capital investment from Sumeru Equity Partners (“Sumeru”) with additional investment from existing investor Alsop Louie Partners. This latest investment signals a validation of the company's product strength and business performance.

The investment accelerates innovation and go-to-market capabilities for Aerospike's core transaction, analytics, and AI solutions, including vector and graph databases, to meet the skyrocketing data demands of a global data analytics and artificial intelligence (AI) software market projected to reach $251B by 2027 by IDC Research.

Aerospike powers many of the largest transactional and machine learning (AI/ML) applications at global enterprises, including Adobe , AppsFlyer , Barclays , Flipkart , Myntra , PayPal , and Riskified . Aerospike enables organizations to feed AI/ML systems high volumes of real-time data faster and at significantly lower cost than other database providers.

“The Aerospike database is purpose-built for unprecedented scale, the highest performance, and the lowest latency, which is why the explosion of real-time data has fueled our business momentum. Quite simply, we were made for this challenge,” said Subbu Iyer, CEO of Aerospike.“AI is disrupting every industry and is fueling an insatiable demand for data. The promise of the AI era requires new infrastructure that can harness more data in real time. As AI applications demand context, we offer the only production-level vector solution that delivers consistent accuracy at scale on significantly less infrastructure than anyone else. We are elated to partner with Sumeru on our next phase of growth as we seek to drive ongoing innovation and investment in our products.”

Sumeru provides growth capital, scaling partnership, and operating expertise to leading enterprise software companies. The firm has invested over $3 billion across its history and partners with founders and management teams to scale their businesses by prioritizing organic growth levers in product leadership, go-to-market acceleration, and growth culture.

“AI is transforming the economy and presents new opportunities for growth and innovation. Aerospike, with its impressive customer base and performance advantage at scale, is uniquely positioned to become a foundational element for the next generation of real-time AI applications,” said George Kadifa, Sumeru Co-Founder and Managing Director, who will also join the board as part of the transaction.“We were impressed by Aerospike's product leadership and its growing installed base of AI/ML applications operating across fraud detection, customer recommendation engines, digital payments infrastructure, and other mission-critical use cases where precision and low latency matter. Our team looks forward to partnering with Subbu and the company as it expands its product suite and go-to-market capabilities in the next phase of its scaling journey.”

Aerospike AI-ready Vector and Graph Databases

Aerospike operates on a fraction of the infrastructure required by other databases, reducing server footprints and costs by as much as 80% . This is especially important as companies balance the needs of increased IT infrastructure while simultaneously reducing carbon emissions.

The developer-ready Aerospike Graph delivers predictable single-digit millisecond multi-hop graph queries at extreme throughput across billions of vertices and trillions of edges. The new Aerospike Vector Search acts on large-scale ingestion of real-time data to deliver consistent accuracy regardless of workload or data size. Aerospike's graph and vector databases work both independently and jointly to support AI use cases, such as retrieval augmented generation (RAG), semantic search, recommendations, fraud prevention, and ad targeting.

“Using Aerospike, we have significantly improved our accuracy,” said Guy Machlev, VP of Engineering, Riskified.“Aerospike has enabled our system to scale infinitely and achieve better performance and efficiency without causing us to be penalized for success through higher infrastructure costs as a result of increased volume. We look forward to Aerospike further building on its core database to deliver an extremely powerful vector search solution.”

Aerospike Cloud for Developers

Aerospike Cloud enables developers to build and deploy apps rapidly. Additionally, the Aerospike Developer Hub provides sample code, tutorials, and documentation.

Resources

  • Aerospike's $109M milestone and the next generation of AI databases , Subbu Iyer, Aerospike CEO
  • Introducing Aerospike Vector Search , Naren Narendran, Aerospike Chief Scientist
  • The power of context: Enhancing interactions and decision-making with GenAI , Lenley Hensarling, Aerospike Chief Product Officer

About Aerospike

Aerospike is the real-time database built for infinite scale, speed, and savings. Our customers are ready for what's next with the lowest latency and the highest throughput data platform. Cloud and AI-forward, we empower leading organizations like Adobe, Airtel, Criteo, DBS Bank, Experian, PayPal, Snap, and Sony Interactive Entertainment. Headquartered in Mountain View, California, our offices are also located in London, Bangalore, and Tel Aviv.

Contact:
John Moran
Look Left Marketing
...

About Sumeru Equity Partners

Sumeru Equity Partners provides growth capital at the intersection of people and innovative technology. Sumeru seeks to embolden innovative founders and management teams with capital and scaling partnership. Sumeru has invested over US$3 billion in more than fifty platform and add-on investments across enterprise and vertical SaaS, data analytics, education technology, infrastructure software, and cybersecurity. The firm typically invests in companies throughout North America and Europe. For more information, please visit sumeruequity.

Contact:
Jeff Fox
The Blueshirt Group for Sumeru
...


MENAFN04042024004107003653ID1108058043


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.