SingleStore (SIST.PVT)
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Learn MoreDescription
SingleStore offers a distributed, relational database that uses SQL drivers and queries for transactions and analytics. Its data ingestion technology allows users to push millions of events per day into the service while also enabling users to query the records in real-time. The company has illustrated that its tools can deliver a scan rate of over a trillion rows per second on a cluster with 12 servers. Single Store is set up to run on any public cloud or on-premises with commodity hardware. Single Store was founded in 2011 and is headquartered in San Francisco, California. Notable investors include Insight Partners, Hercules Capital, Glynn Capital Management, and Accel.
SingleStore
- Sector:
- Data and Analytics
- Industry: Analytics, Big Data, Cloud Data Services, Database, Enterprise Software, Software
- Full Time Employees:
- 251
Key Executives
Name | Title |
|---|---|
| Raj Verma | Chief Executive Officer |
| Brad Kinnish | Chief Financial Officer |
Key Facts
SingleStore reported record growth in 2024 as the company was ranked number one in vector databases in 2024 and earned a 2025 Buyer's Choice Award from TrustRadius. The company also achieved revenue growth and stated that it closed 2023 with $100 million in ARR. In December 2024, SingleStore also appointed Andy Wild as Chief Revenue Officer which signals the company's confidence in its future, as he will be responsible for leading the company's global sales teams in driving continued growth and expansion.
The rise of the cloud presents a large opportunity for SingleStore as 50% of enterprise IT spend is expected to move to the cloud by 2025 as reported by private research firm Sacra. SingleStore is positioned to benefit from this migration into the cloud as the company aims to bring in multiple database functionalities together into one unified platform which allows organizations to reduce their overhead especially relating to managing, licensing, and operating multiple database systems.
SingleStore has made strategic acquisitions in the past including most recently BryteFlow. SingleStore will integrate BryteFlow's capabilities inside its database offering via a no-coder interface named SingleConnect. As the demand for real-time analytics and generative AI is surging, this acquisition and SingleStore's partnership with Snowflake are strategic moves to expand the company's offerings to meet growing consumer needs and capitalize on market momentum.
SingleStore faces significant competition from well established players like Oracle, Microsoft SQL Server, and Cloud SQL from Google which are dominating the database market. In addition, according to private research firm Sacra, since SingleStore aims to be an all-in-on database solution that combines both transactional and analytical workloads, the company competes with more companies than usual. Competitors include Snowflake and Databricks on the analytical side as well as MySQL and CockroachDB on the transactional database side.
SingleStore is dependent on multiple cloud platforms for its infrastructure and operations such as AWS, Google Cloud, and Microsoft Azure. Because of this, SingleStore's success is closely tied to the performance, pricing, and market strategy of its cloud partners which could make it vulnerable to changes in the broader cloud ecosystem. SingleStore could also face challenges with retaining customers if any of these cloud providers decide to prioritize their own proprietary database solutions.
SingleStore deals with large amounts of data and could therefore be exposed to significant data security and privacy risks. Even though the company has secured industry-leading security certifications including SOC 2 Type 2, and is also fully compliant to the requirements of HIPAA, CCPA, and GDPR, many businesses in sensitive industries like finance, healthcare, and e-commerce rely on SingleStore. Therefore, if the company fails to meet future compliance standards and requirements, it could limit customer adoption and could expose the company to financial constraints.
