startups

startups

Photo by José Ramos on Unsplash

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.

Photo by Aidan Bartos on Unsplash

Global venture capital funding fell during the first quarter of 2022—reinforcing sentiments that the startup sector is now coming back down to Earth after the stratospheric highs of 2021.

Total venture funding hit $160 billion last quarter, according to new Crunchbase data, declining by more than 13% from the fourth quarter of 2021, when quarterly VC funding peaked at an all-time high of $184 billion.

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The invasion of Ukraine by Russia may be taking place more than 6,000 miles from California—but for some in Los Angeles’ tech and startup world who rely on Ukraine’s deep pool of tech talent, the conflict is hitting close to home.

Over the past week, some L.A.-based startups have found themselves trading phone calls, text messages and emails with their Ukrainian contractors, many of whom are huddled underground in subways seeking refuge from Russian attacks. Some have heeded their country’s call to arm, picked up rifles and joined the war effort.

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