IT company Yugabyte has raised USD 48 million in a funding round led by Lightspeed Venture Partners with additional participation by Greenspring Associates, Dell Technologies Capital, Wipro Ventures and 8VC. With the new infusion of capital, Yugabyte is building its engineering, DevOps and support staff in India, Russia and Canada. Yugabyte recently acquired India-based Falarica.io to accelerate its development and recruiting efforts in the APAC region. The company is also expanding its sales teams in Europe Middle East and Africa and Asia Pacific region.
“With companies of all kinds accelerating their digital transformation initiatives, technologies that help them accelerate, like YugabyteDB, are in high demand. This new round of funding will position Yugabyte to meet this increased enterprise demand and power our global expansion into key markets,” Kannan Muthukkaruppan, Co-Founder and President, Yugabyte. The fresh funding for the open source distributed SQL databases company comes on the heels of a USD 30 million capital raise announced in June 2020.
With this new round, Yugabyte has raised total funding of USD 103 million. The funding will be used to expand Yugabyte’s research and development, sales and customer functions in the EMEA and APAC markets. To support its aggressive expansion plans, Yugabyte will double its headcount in 2021.