BangDB bags Bridge Funding Round from Ten Innovate
BangDB has closed a bridge funding round led by Ten Innovate. The financing comes after impressive growth in 2021 with large user adoptions coupled with competitive wins at enterprise level both in accounts and partnerships. BangDB will use the funds in product development along with new sales channels and initiatives, which will be announced in the coming weeks.
The funding comes on the heels of the release of BangDB 2.0 in November 2021. The release added Graph features along with REST API support for AI, streaming and document database for IOT and other real-time high performance data analytics use cases.
The successful financing reflects a more than 120K plus active users for BangDB across different verticals and with several key account additions and high profile partnership forging during 2021. BangDB has also been rated as the highest performing NoSQL database by the YCSB benchmarking putting it ahead by 2X+ over the competitors.
Building upon the success of BangDB Server 2.0, BangDB will use the new funding to accelerate product development and marketing along with the upcoming BangDB as a service release in the first quarter of 2022.
Sachin Sinha, Founder and CEO of BangDB, says, “Since the 2.0 release of BangDB last December, BangDB’s growth has been remarkable. The bridge funding has come at an opportune time and will be used for research and product development along with enhancing the user base for BangDB coupled with establishing new sales channels to allow us to win high profile enterprise accounts.”
Rajeev Shroff, Founder, Ten Innovate, comments, “We are a set of professionals who are part of the Oracle family who invest in Entrepreneurs from the Oracle family, for the purpose of promoting entrepreneurship among our community. We see association with BangDB as a great growth opportunity in the Enterprise software solutions space coming out of India, as that’s really uncommon. Great to partner with Venture East, a fund we really admire for the support to their portfolio companies. We are thrilled to be working with the BangDB team.”
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