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secured $30 million in an oversubscribed Series B funding round led by , the company announced Tuesday.

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The company develops YugabyteDB, an open source distributed Structured Query Language database for customers in industries such as cybersecurity, financial markets, IoT, retail and e-commerce, to build global, internet-scale applications.

鈥淭he cloud paradigm is helping businesses to be more agile, however, on the database tier, it wasn鈥檛 designed to run on the cloud,鈥� , co-founder and president of Yugabyte told Crunchbase News. 鈥淭hat is where there is a need for fundamental rethink of the database infrastructure. We help companies move to the cloud faster by addressing the hardest part, which is the data tier.鈥�

Joining 8VC in the investment were strategic investor and existing investors and . This gives the Sunnyvale, California-based company a since forming in 2016. Lightspeed and Dell led Yugabyte鈥檚 back in June 2018, according to Crunchbase data.

In addition to the investment, the company said it is adding , co-founder at , to its board of directors.

Yugabyte has two commercial products, Yugabyte Platform, a self-managed private database-as-a-service that works on the public, private or hybrid cloud or Kubernetes infrastructure, and Yugabyte Cloud, a fully managed database service currently available on AWS and Google Cloud.

The new funding will be used to support the company鈥檚 open source product and commercial adoption.

鈥淚n the last 20 months, we have seen growth in the adoption of Yugabyte, and although we have some high-calibre customers already, we are just getting started, and the funding will help us continue that momentum,鈥� Muthukkaruppan said.

He added that continued growth will include hiring across the organization to increase its already 50-person workforce.

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