April 6, 2024: Aerospike, a real-time NoSQL data solutions firm, has successfully secured a $109 million growth capital investment in a latest funding round, to further strengthen its capabilities to innovate and bring to market its pivotal transaction, analytics, and artificial intelligence (AI) solutions swiftly.
These capabilities includes vector and graph databases, serving the rising global data analytics and AI demands. NoSQL data solutions refer to databases designed for the storage and retrieval of unstructured or semi-structured data, offering flexible schemas and horizontal scalability.
“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.
Sumeru’s Co-founder and Managing Director, who will also join the Board as part of the transaction. Aerospike’s expanding user portfolio includes AI/ML applications utilised in critical areas such as fraud detection, customer recommendation systems, digital payment infrastructure, and other scenarios demanding high precision and minimal latency.
The California-based firm claims to operate on a fraction of the infrastructure needed by other databases, cutting server footprints and costs by up to 80%, as companies target to widen IT infrastructure while mitigating carbon emissions. Aerospike drives numerous major transactional and machine learning applications in global enterprises such as Adobe, AppsFlyer, Barclays, Flipkart, Myntra, PayPal, and Riskified.
“AI is disrupting every industry and is fueling an insatiable demand for data. The promise of the AI era requires new infrastructure that can harness more data in real-time. 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,” Subbu Iyer, CEO of Aerospike, said.
The latest funding round was led by Sumeru Equity Partners. Existing investor Alsop Louie Partners also participated.
The firm’s graph and vector databases work both independently and jointly to support AI use cases, such as retrieval augmented generation, semantic search, recommendations, fraud prevention, and ad targeting.
