New Delhi: Database software management company Redis Labs today said it has raised $100mn in Series F funding, at a valuation of more than $1 billion.The funding round was jointly led by Bain Capital Ventures and TCV , with participation by the company’s existing investors Francisco Partners, Goldman Sachs Growth, Viola Ventures, and Dell Technologies Capital.Redis Labs was started in Israel and is presently headquartered in Mountain View, California, USA . It ventured into India about two years ago and has an office in Bengaluru.With the funding, the company plans to sell an enhanced version of its database management software for enterprises, said chief executive Ofer Bengal . The company will also invest in building the community for its open source project. They are also considering outsourcing their product development to their India office, which currently does not handle tech.Bengal also said that India was one of the fastest-growing markets for the company. “We’ve long believed in the market opportunity for a high-performance database in the cloud-era and Redis’ potential to lead this category.”

Source: Economic Times August 25, 2020 17:26 UTC