SAN FRANCISCO--(BUSINESS WIRE)--DragonflyDB Inc., the company behind Dragonfly, the most performant and scalable in-memory datastore for cloud environments, has announced two new rounds of funding, totaling $21,000,000. The company, which was founded in March, 2022, has seen massive developer traction, with the Dragonfly project on GitHub amassing over 17,000 stars since May 2022. This traction led to two recent rounds of funding, with a seed round led by Redpoint and a series A led by Quiet Capital. Satish Dharmaraj of Redpoint Ventures and Astasia Myers of Quiet Capital have both joined the DragonflyDB Inc. board.
With a long investment track record in the database space, including companies such as Snowflake, Cockroach Labs, and Timescale, Dharmaraj added about the investment, “As applications and users become more globally distributed and edge computing continues to grow, so too will the market for in-memory data stores. Dragonfly’s architecture is differentiated and it's a really exciting time for the in-memory datastore market which we expect will continue to boom with increasingly distributed apps.”
Astasia, who has made over ten investments in open source companies and partnered with data companies like Dremio, Hex.tech, and Supabase, said about the investment, "Dragonfly's team has a unique insight into the in-memory store market from their work at AWS and saw that existing solutions had limitations around performance and scale. Their modern approach solves these challenges with a seamless experience that works well with Kubernetes.”
DragonflyDB Inc. is also announcing the general availability of Dragonfly 1.0., a production-ready, highly available drop-in replacement for Redis. Dragonfly has a unique caching algorithm paired with a multi-threaded processing model, allowing it to scale vertically to support millions of operations per second and terabyte-size data volumes from each instance. This makes it up to 25X more performant and much easier to scale than Redis.
Redis has been the default in-memory datastore for the past 14 years. During this time, while the amount of data the average application consumes has grown dramatically, the processing capabilities of Redis’ single-threaded processing model have not kept pace. This has resulted in undue complexity and overhead for developers and DevOps teams that are tasked with scaling these applications.
Dragonfly, with its ability to scale vertically, dramatically reduces operational complexity for developers while allowing them to deliver a much snappier, higher-performance experience to their end users.
Oded Poncz, DragonflyDB’s co-founder and CEO, said of the latest release, “Developers are fed up with hand holding their infrastructure. We created Dragonfly to enable the software development community to power high scale, real-time applications and accelerate human innovation. The developer traction, the investment, and now Dragonfly 1.0 all mark important steps forward towards this vision. Dragonfly 1.0 is a robust, vertical scaling in-memory datastore packed with innovation that will simplify production and boost performance for many applications.”
The new funding will be invested in continuing to evolve the technology to handle larger, more sophisticated workloads.
DragonflyDB was founded in March 2022 by Oded Poncz and Roman Gershman, former engineering colleagues at Google. They both experienced the pain of scaling Redis firsthand throughout their engineering careers which inspired them to build Dragonfly. The company has dual headquarters in Tel Aviv and San Francisco with team members located around the world.
Redpoint has partnered with visionary founders to create new markets and redefine existing ones since 1999. We invest in startups across the seed, early and growth phases, and we’re proud to have backed over 578 companies—including Snowflake, Looker, Kustomer, Twilio, 2U, DraftKings, Duo Security, HashiCorp, Stripe, Guild, HomeAway, Heroku, Netflix, and Sonos—with 181 IPOs and M+A exits. Redpoint manages $7.2 billion across multiple funds.
About Quiet Capital
Quiet Capital is a venture capital firm that partners with entrepreneurs who set out to build technology businesses that move the world further, faster. Quiet invests across stages and sectors with a history of support from idea through impact.