Redis Labs acquires israeli Speedb
This purchase is set to amplify Redis's prowess in providing swift user experiences and improved cost efficiency across various enterprise applications prioritizing speed.
In a strategic maneuver aimed at meeting the rising needs of real-time and generative AI applications, the unicorn Redis has revealed its acquisition of the Israeli data storage engine Speedb. This purchase is set to amplify Redis's prowess in providing swift user experiences and improved cost efficiency across various enterprise applications prioritizing speed.
Redis Ltd. is an israeli founded American privately-held computer software company with its headquarters situated in Mountain View, California. It serves as the patron of the open-source in-memory NoSQL database known as Redis, offering Redis Enterprise software, cloud services, and a suite of tools tailored for multinational corporations.
Rowan Trollope, CEO of Redis, underscored in a recent press release that contemporary applications, particularly those propelled by Generative AI, are reshaping how enterprises perceive and leverage data. The incorporation of Speedb will bolster Redis's position at the vanguard of this evolution, furnishing developers with the necessary tools to construct swifter and more streamlined applications. He commented:
“Acquiring Speedb takes Redis beyond RAM, and opens the door for us to serve an integral role in powering today’s most exciting and innovative applications, and supporting the developers that build them. This is a new chapter for Redis, and we’re looking forward to working with our customers and partners to bring the unmatched speed we’re known for to more of their applications and experiences.”
Founded in 2020 by storage veterans - Avi Gelvan (CEO), Hilik Yochai (Chief Science Officer), and Mike Dorfman (Chief Architect) - who identified the constraints within conventional data storage technologies at the core level, Speedb emerged with a mission to revolutionize the data management landscape. Designed as a drop-in replacement for the RocksDB embedded storage engine, Speedb aims to empower companies to advance their hyper-scale data operations with unparalleled scale and performance, all while maintaining storage capacity and agility.
Redis had been contemplating going public in 2022, but the plans were halted due to the downturn in the market. The company had achieved a valuation of $2 billion after concluding a $110 million Series G round in April of 2021. It was purportedly aiming to surpass that valuation by more than double in the anticipated IPO. Trollope reiterated the company's readiness to proceed with the IPO once the window reopens.
