This Israeli company announces a fundraising of 21 million dollars

This Israeli company announces a fundraising of 21 million dollars

The founders of the company (photo by Omer HaCohen)

DragonflyDB, the company behind Dragonfly, a Redis replacement that improves performance and simplifies the cloud environment, announced two new funding rounds totaling $21,000,000. Founded in March 2022, the company generated a lot of interest from developers and companies after publishing the Dragonfly project that opened on GitHub in May 2022 and has since accumulated over 17,000 stars. This success led to two rounds of funding within four months, with a seed round led by Redpoint and an A round led by Quiet Capital. Satish Dharmaraj of Redpoint Ventures and Estacia Myers of Quiet Capital have joined the company’s board of directors.

Dharmaraj, who has a long track record of investments in the field of databases, including in companies such as Snowflake, Cockroach Labs and Timescale, said of the investment: “As applications and users become more distributed, while at the same time we continue to see the growth of edge computing, so will the market for In-memory Datastores. Dragonfly’s architecture is unique and it’s a really exciting time for the in-memory database market, which we expect to continue to flourish with increasingly distributed applications.”

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Myers, who has made over ten investments in open source companies and partnered with data companies such as Dremio, and Supabase, said of the investment: “The Dragonfly team has unique insight into the in-memory storage market from their previous work at AWS. The team recognized that existing solutions have limitations around performance and growth. Their modern approach solves these challenges with a seamless experience that works well with Kubernetes.”

DragonflyDB is also announcing the general availability of Dragonfly 1.0 for production environments. Dragonfly has developed a unique cache algorithm combined with a multi-threaded processing model that can scale vertically to support millions of operations per second, and data volumes that reach terabytes from each server. In this way, Dragonfly can achieve 25 times better performance and grow in a much simpler way than Radis, the leading in-memory database from the previous generation.

Redis has been considered the default in the in-memory database market for the past 14 years. Over the years, the amount of data consumed by an average application has grown dramatically, but the processing capabilities of Redis are limited to a single node, so the Redis server has difficulty supporting the growth rate of the application. This limitation leads to great complexity and expense for the developers and DevOps teams responsible for maintaining and growing those systems.

Dragonfly, with its vertical growth capability, dramatically reduces operational complexity for developers while enabling them to provide a seamless experience and improve performance for end users.

Oded Funtesh, co-founder and CEO of DragonflyDB, said about the latest version: “Developers are tired of dealing with the problems of the infrastructure they work on. We created Dragonfly to enable the developer community to build agile and intelligent multi-user apps and accelerate human innovation. The reaction of the developer community, the investment of the funds and the publication of the new version – these are important steps on the way to the realization of this vision. Dragonfly 1.0 is an agile, powerful, and innovative database that simplifies the production environment and accelerates performance for many applications.”

The funding received will be invested in the further development of the technology in order to support larger and more complex workloads.

The founders of DragonflyDB are graduates of the seventh cohort of Intel Ignite, Intel’s startup acceleration program.

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