Aerospike secures new funding from CIBC to expand its AI-driven database solutions and accelerate product innovation.
Aerospike, a leader in real-time AI-driven database solutions, has secured $30M in growth financing from CIBC Innovation Banking. The funding will support the company’s efforts to expand its go-to-market strategy and accelerate product innovation, powering mission-critical applications across diverse use cases including artificial intelligence (AI) and machine learning (ML) applications.
Powering AI-driven database solutions with real-time data
As AI and ML adoption surges across industries, the demand for real-time data platforms is more critical than ever. Aerospike’s scalable, low-latency AI-driven database is engineered to manage mission-critical use cases, including vector search, key-value, and graph applications, while consuming 80% less infrastructure compared to traditional solutions.
This efficiency, combined with its ability to power recommendation engines, monetisation platforms, and fraud detection systems for global enterprises, has driven significant growth. In Q2 2024, Aerospike reported a 51% year-over-year increase in recurring revenue, highlighting the rising demand for real-time AI solutions.
AI-driven database innovation meets investment
The $30M growth financing comes on the heels of $109M raised earlier this year from Sumeru Equity Partners. This latest round underscores the market’s confidence in Aerospike’s technology and growth trajectory.
Subbu Iyer, CEO of Aerospike, remarked, “This financing is in addition to the $109M investment earlier this year from Sumeru Equity Partners to meet the demand for Aerospike’s real-time data platform, especially for AI. We’re excited to partner with CIBC as we enter our next phase of growth, driving further innovation and investment in our products.”
CIBC Innovation Banking shares this enthusiasm, “AI/ML requires more real time data than ever before and Aerospike is greatly positioned to meet this demand by providing an infinitely scalable database with high performance and low latency. We are thrilled to be working with the Aerospike team as they continue to emerge as a main player in the AI revolution.” said Youssef Kabbani, Executive Director at CIBC Innovation Banking.
Driving the AI revolution
Headquartered in Mountain View, California, with offices in London, Bengaluru (Bangalore), and Tel Aviv, Aerospike serves leading organisations such as Adobe, Airtel, DBS Bank, Experian, and Sony Interactive Entertainment. Its platform supports businesses in unlocking the full potential of AI, making data-driven decisions faster and more efficiently.
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