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Database software startup SphereEx closes nearly $10 million
SphereEx, an innovative basic database software provider, announced that it has completed a Series Pre-A round of financing worth nearly $10 million led by Vision Knight Capital.
Other investors were Sequoia China Seed Fund, Chuxin Capital and Index Capital. Index Capital also acted as the exclusive financial adviser to the deal. This is another funding round that SphereEx has closed since May 2021. The proceeds will be mainly used for product R&D and commercial verification.
Founded in April 2021, SphereEx helps enterprises link data and services by providing data services that support the information ecosystem. Currently, the company's products are used as a core component of data computing architecture by enterprises in production environments across the internet, finance, offline-to-offline, logistics, and cloud computing fields.
China is quickly becoming much more digital and databases play an integral role in the infrastructure of the digital economy. Some reports suggest that China's database market will be worth more than 68.8 billion yuan by 2025. Further, open source collaboration is profoundly affecting the development of technologies used by companies.
The company actively connects developers and users around the world, and promotes the stable and dynamic development of the Apache Sharding Sphere open source community. At present, more than 50% of its code comes from community contributors outside of the company, while all the seed customers of SphereEx emerged from the community.