Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to email@example.com.
ReadySet, a Beverly Hills-based cloud infrastructure startup that helps software companies scale their databases, has secured $29 million in venture funding to get its first product out of the door.
The capital comes via two funding rounds, the company said Tuesday—a new $24 million Series A led by London’s Index Ventures, and a previously undisclosed $4.9 million seed round led by Silicon Valley’s Amplify Partners (which also invested in the Series A). Several angel investors, including longtime cloud executive and Vimeo board member Adam Gross, also chipped in on the Series A.
While ReadySet remains in a pre-revenue stage, it told TechCrunch, it plans to use the funding to deliver a commercial version of its cloud product. The startup was born out of an open-source project called Noria, which co-founders Alana Marzoev and Jon Gjengset developed while pursuing doctorate degrees at MIT. Though the company describes itself as a “remote-first company with offices in multiple US cities,” Gjengset is based in Los Angeles while Marzoev is in Boston, according to their LinkedIn pages.
ReadySet described its service as a “drop-in solution to the database performance problems that often arise when a company is in a phase of rapid growth, such as when dealing with large datasets, complicated queries, or high request volumes.”
On top of its commercial launch plans, ReadySet said it will use the funds to double the size of its team to 50 people within the year.