Database startup Singularity Data has completed a US $ 10 million angel round led by Yunqi Partners. The company plans to build a cloud-based streaming database that will generate insights in real time.
Founded in 2021, Singularity Data has offices in Beijing, Shanghai and Silicon Valley, providing ultra-low latency for cloud computing and storage, enabling complex data analysis in less than a second. The startup targets areas such as digital advertising that can tag user behavior and recommend ads with high scalability and performance. Another promising application scenario is an intelligent vehicle where singularity data can process data collected from external sensors in real time.
As the cloud market evolves, existing databases will no longer be able to meet user demands for ultra-fast speeds, said founder and CEO Wu Yingjun. Wu previously received his PhD from National University of Singapore and worked on the Redshift Data Warehouse team at Amazon Web Services. Co-founder Zhang Huanchen is currently an assistant professor at Tsinghua University’s Yao Class and is a special program for the most talented and up-and-coming computer scientists in China.
“The adoption of global digital transformation and data management software is a clear trend. Singularity Data has innovative visions, products and technologies. Its founding team has outstanding scientific research capabilities and top cloud data center companies. I’m optimistic about the next generation of real-time cloud data storage, “said Chen Yu, a partner at Yunqi Partners.
Chen’s bullishness is supported by market data. According to an IDC report, China’s public cloud infrastructure market as a service is valued at RMB 208.7 billion (US $ 32.21 billion) by 2023 and is estimated to grow at an annual compound interest growth rate of 46%. By 2024, 50% of large Chinese companies will rely on third-party vendors such as Singularity Data for their cloud computing services.
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KrASIA Connection features translated and adapted content published by 36Kr.this paper Originally written by Mononymous Ben for 36Kr.
Cloud Computing Provider Singularity Data Raises US $ 10 Million Angel Round
Source link Cloud Computing Provider Singularity Data Raises US $ 10 Million Angel Round