Readyset To Develop A Sql Caching Engine With New Funding
Over the following year, Index Ventures and Amplify Partners will utilize the funding to build the initial iteration of the cloud product and quadruple their workforce.
FREMONT, CA: Cloud analytics enables businesses to connect to remote data centers and process vast amounts of data, allowing the team to attain new levels of efficiency while providing more accurate findings. Making data processing more affordable and accessible benefits the vast majority of enterprises. ReadySet has received $24 million in Series A funding led by Index Ventures with participation from Amplify Partners and several angels, including Guillermo Rauch, Spencer Kimball, Adam Gross, Jason Warner, and Yury Izrailevsky. ReadySet plans to release the first edition of its cloud solution and continue to grow its workforce with the help of the new cash. Last year, the business secured $4.9 million in a round-headed by Amplify Partners.
“Our investors are betting on the continuous need for companies to deliver ever-changing content quickly while servicing large and globally distributed user bases,” states Alana Marzoev, ReadySet Co-founder and CEO. “ReadySet serves SQL query results globally in the same way that traditional CDNs serve static content such as images. You can think of a multi-region ReadySet deployment as being a CDN for your database.”
Co-founded by Jon Gjengset and Alana Marzoev, ReadySet was inspired by their MIT Ph.D. work on the Noria open research project, which has become an internet sensation. ReadySet intends to commercialize and expand on the groundbreaking technologies introduced in this research.
“Historically, websites have gone down at the least opportune time for the business—think Cyber Monday for eCommerce. ReadySet helps companies overcome the data layer growing pains associated with rapid growth and business demand,” comments Bryan Offutt, Partner at Index Ventures. “The technology was developed over the past decade at MIT, with clear market demand. We’re thrilled to partner with Alana and Jon to deliver a commercial version to developers worldwide.”
ReadySet is a drop-in replacement for the database performance issues that frequently occur during a company's rapid expansion phase, such as when dealing with massive datasets, complex queries, or high request volumes. Today, developers must construct in-house solutions based on proprietary query caching systems and read replica hierarchies to address this issue. As a result, the resulting designs are intricate, costly, and prone to malfunctions and outages.
At its heart, ReadySet accelerates queries by using a revolutionary SQL caching engine that automatically updates cached information while supporting millions of reads per second with sub-millisecond latencies on a single node. ReadySet plugs into existing relational databases and is wire-compatible with MySQL and Postgres, allowing seamless integration into existing applications.