Database startup Singularity Data has completed a $ 10 million angel round led by Yunqi Partners. The company plans to expand its cloud-based streaming database, which provides real-time insights.
Founded in 2021 with offices in Beijing, Shanghai and Silicon Valley, Singularity Data offers cloud computing and storage with extremely low latency, enabling complex data analysis at speeds of less than a second. The startup targets areas like digital advertising, where it can tag user behavior and recommend ads with high scalability and performance. Another very promising application scenario are intelligent vehicles in which Singularity Data can process data from external sensors in real time.
With the development of the cloud market, existing databases will not be able to meet user demand for ultra-fast speeds, said founder and CEO Wu Yingjun. Wu previously worked on the Redshift data warehouse team at Amazon Web Services after receiving a PhD from the National University of Singapore. Co-founder Zhang Huanchen is currently the assistant professor for the Yao class at Tsinghua University, a special program for China’s brightest aspiring computer scientists.
“The global digital transformation and introduction of data management software is a clear trend. Singularity Data has an innovative vision, an innovative product and an innovative technology. The founding team has exceptional scientific research capabilities and experience with leading cloud data center companies. We are optimistic about the next generation of real-time cloud data storage, ”said Chen Yu, partner at Yunqi Partners.
Chen’s bullish stance is supported by market data. China’s public cloud infrastructure-as-a-service market is valued at RMB 208.7 billion ($ 32.21 billion) by 2023 and is growing at an average annual growth rate of 46%, according to a report by IDC. By 2024, 50% of major Chinese companies will rely on third-party providers like Singularity Data for cloud computing services.
Read this: Liao Ming of Prospect Avenue Capital on Investing in Startups from a Secondary Market Perspective
KrASIA Connection offers translated and customized content published by 36Kr. This article was originally written by Ben of the same name for 36Kr.