(Reuters) - Software maker SingleStore said on Tuesday it had raised $116 million in a funding round led by Goldman Sachs (NYSE:GS) Asset Management, propelling it to unicorn status.
The company did not disclose its exact valuation. A unicorn is a start-up that is valued at more than $1 billion.
The funding round took SingleStore's total raise to $278 million over the last 20 months and also included Sanabil Investments, Dell Technologies (NYSE:DELL) Capital, Hewlett Packard Enterprise (NYSE:HPE), IBM ventures Insight Partners and GV - formerly Google (NASDAQ:GOOGL) Ventures.
Founded in 2011, SingleStore powers data-intensive applications and runs real-time analytics for a host of customers including Uber Technologies (NYSE:UBER) Inc, General Electric (NYSE:GE) Co, Kellogg (NYSE:K) Co and Siemens AG (OTC:SIEGY).
Venture capital firms and private equity giants have continued to pour funds into technology start-ups this year despite a selloff that has roiled listed companies in the sector.
For instance, General Atlantic, Andreessen Horowitz and Tiger Global - some of the world's biggest investors - have backed funding rounds of software firms SpotOn and Talos as they bet on a recovery in valuations.
Based in San Francisco, SingleStore partnered with International Business Machines (NYSE:IBM) Corp in April to launch SingleStoreDB - a subscription-based software that helps reduce hardware costs and quickly run data-intensive reports using a single database.
The company is led by Chief Executive Raj Verma and recently hired former Deutsche Bank (ETR:DBKGn) executive Brad Kinnish as its finance chief.
(This story corrects paragraph 3 to say SingleStore's raised $278 million over the last 20 months).