Aerospike raises $109 mn to boost innovation in artificial intelligence | Company News

Aerospike, a provider of NoSQL database management systems, announced that it has closed a $109 million growth capital investment from Sumeru Equity Partners, with additional investments from its existing investor Alsop Louie Partners.

The investment will push innovation and go-to-market capabilities for Aerospike’s core transaction, analytics, and AI solutions, including vector and graph databases, to meet the demands in the AI domain, said the company in a release.

As a part of the transaction, George Kadifa, Sumeru’s co-founder and managing director (MD), will also join the company board.

“As AI applications demand context, we offer the only production-level vector solution that delivers consistent accuracy at scale on significantly less infrastructure than anyone else. We are elated to partner with Sumeru on our next phase of growth as we seek to drive ongoing innovation and investment in our products,” said Subbu Iyer, CEO of Aerospike.

According to International Data Corporation (IDC), the AI market is projected to reach $251 billion by 2027.

Aerospike powers transactional and machine learning (ML) applications at global enterprises, including Adobe, AppsFlyer, Barclays, Flipkart, Myntra, PayPal, and Riskified.

The company helps organisations in feeding their AI/ML systems with high volumes of real-time data.

“The Aerospike database is purpose-built for unprecedented scale, the highest performance, and the lowest latency, which is why the explosion of real-time data has fueled our business momentum. Quite simply, we were made for this challenge,” Iyer added.

Headquartered in Mountain View, California, the company has offices located in London, Bangalore, and Tel Aviv.

Sumeru Equity Partners provides growth capital and operating expertise to enterprise software companies. The firm has invested over $3 billion in companies since its inception.

“AI is transforming the economy and presents new opportunities for growth and innovation. Aerospike, with its impressive customer base and performance advantage at scale, is uniquely positioned to become a foundational element for the next generation of real-time AI applications,” said George Kadifa, Co-Founder and MD of Sumeru Equity Partners.

First Published: Apr 05 2024 | 7:42 PM IST