Database startup Singularity Data closed a USD 10 million angel round led by Yunqi Partners. The company plans to build out its cloud-based streaming database that produces insights in real time.
Founded in 2021, with offices in Beijing, Shanghai, and Silicon Valley, Singularity Data provides cloud computing and storage with ultra-low latency, enabling complex data analytics at sub-second speeds. The startup is targeting areas like digital advertising, where it can tag user behavior and recommend ads with high scalability and performance. Another promising application scenario is in intelligent vehicles, where Singularity Data can process data gathered from external sensors in real time.
As the cloud market develops, existing databases will not be able to meet users’ demand for ultra-fast speeds, founder and CEO Wu Yingjun said. Wu previously worked on the Redshift data warehouse team at Amazon Web Services, having received his PhD from the National University of Singapore. Co-founder Zhang Huanchen is currently an assistant professor for Tsinghua University’s Yao Class, a special program for China’s brightest up-and-coming computer scientists.
“The global digital transformation and adoption of data management software is a clear trend. Singularity Data has an innovative vision, product, and technology. Its founding team has exceptional scientific research capabilities and experience at top 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 bullishness is backed up by market data. China’s public cloud infrastructure-as-a-service market is estimated to be worth RMB 208.7 billion (USD 32.21 billion) by 2023, growing at a compound annual growth rate of 46%, per a report from IDC. By 2024, 50% of large Chinese firms will rely on third-party vendors like Singularity Data for cloud computing services.
KrASIA Connection features translated and adapted content published by 36Kr. This article was originally written by the mononymous Ben for 36Kr.