Redis Labs valued at over $2 billion in latest funding from SoftBank, others

(Reuters) - Redis Labs, a real-time cloud analytics platform firm, said on Wednesday it has raised $110 million in its Series G round from investors including SoftBank Group Corp’s Vision Fund, valuing the firm at over $2 billion.

The latest round, with funding from new investors Vision Fund and Tiger Global Management and existing investor TCV, brings the net amount raised by Redis Labs so far to $347 million.

The company’s investors include Bain Capital Ventures, Francisco Partners, Goldman Sachs Growth, Viola Ventures and Dell Technologies Capital.

Founded in 2011 by Ofer Bengal and Yiftach Shoolman in Tel Aviv, Israel, Redis Labs’ platform helps organizations process, analyze and forecast data effectively with its in-memory database. It acts as a custodian for open source database Redis.

The Mountain View, California-based firm has more than 8,000 paying customers including MasterCard Inc, Dell Technologies Inc, Fiserv Inc, Home Depot Inc and Microsoft Corp.

Redis Labs’ revenue grew by 54% over the last three years ended Jan. 3, 2021.

Reporting by Sohini Podder in Bengaluru; Editing by Krishna Chandra Eluri