Silk, a Database Optimization Startup, announced on July 8th a successful capital raise of $55 million in a Series B funding round.
The round was led by S Capital and mounted with the participation from investors like Sequoia Capital, Pitango, Globespan, Ibex, and Vintage, and new investors including Clal Insurance, Bank Hapoalim, Meitav Dash, and Menora Mivtachim.
According to the startup, the funds will be used to support its sales and marketing operations, as well as expanding its engineering team. This expansion comes at a time when demand for cloud solutions is on the rise.
Dani Golan, Silk’s CEO, referred to this growth by stating,
“The cloud vendors are now beginning the fight over customers’ databases and other mission-critical ‘crown jewels’. To win this fight, they need to guarantee that customers will meet their own end users’ SLAs, by enabling prime scalability and performance of their mission-critical applications. Having this capital allows us to bring the vision-accelerated cloud adoption to a wider audience.”
According to a Silk spokesperson, Silk’s first funding round raised $35 million, which would bring the total funding raised to $90 million.
The results of these funding rounds are testimony to the exponential growth the company has experienced during the Covid19 pandemic, according to the team.
The startup’s platform has been implemented by companies like Cisco, Comcast, Ingenico Group, Verifone, Payoneer, and other major companies. This adoption is the result of the platform’s promises of 10 times more performance and “rock-solid” data resiliency.
Aya Peterburg, Founder and Managing Partner at S Capital said that Silk is, “perfectly poised to enable the cloud vendors to meet this demand and deliver on their promise of fast and easy cloud,” which should allow it to capitalize as enterprises continue to migrate toward cloud solutions.
The database optimization startup was previously called Kaminario until July of 2020 when it was officially rebranded. Prior to this rebranding, the company had already run several successful funding rounds.