SurrealDB raised $20 million in venture capital to bring its total to $26 million. The bet: Multi-model databases will be critical to enterprises looking to consolidate multiple databases so developers can move faster.
The financing round was led by FirstMark and Georgian. With AI workloads and multiple data silos, SurrealDB is looking to address developer pain points. The multi-model database also is completely written in the Rust programming language.
Holger Mueller, Constellation Research analyst, noted that SurrealDB is part of a band of next-generation databases that look to underpin modern applications.
Mueller said:
"The next generation applications of the 2020s are multi-model and challenging to create. At the same time developer capacity is restricted and top database developers command top dollar. Making it easier for enterprises to build these apps is what a multi-model database can offer--a single place where applications can tap documents, columnar, analytical and transactional data. Congrats to SurrealDB, which has a modern foundation being built on the language of the decade, Rust. Rust will give the offering extra heft with developers."
Key points about SurrealDB:
- SurrealDB has advanced security and access permissions.
- The database includes indexing for AI workflows, machine learning inference and model processing.
- The company also announced the beta launch of Surreal Cloud.
- SurrealDB also has a management application called Surrealist.
- The company is part of multiple open-source projects.
As for competition, SurrealDB plays in a market that includes MarkLogic, ArangoDB, OrientDB, Azure Cosmos DB, FoundationDB, Couchbase, and Apache Ignite among others.
Among those competitors, Couchbase is publicly traded. It has revenue of about $50 million a quarter and exited the first quarter with annual recurring revenue of $207.7 million. MarkLogic was acquired by Progress in 2023.
