Aerospike Recurring Revenue Soars By 51% Y/Y As Demand For AI Rises

Company growth driven by customers’ needs for AI and ML applications in the most demanding production environments

Subbu Iyer, CEO of Aerospike

FinTech BizNews Service 

Mumbai, September 4, 2024: Aerospike, Inc. (“Aerospike”) today announced that second quarter 2024 recurring revenue surged by 51% on a year-over-year basis — fueled by the widespread demand for affordable, scalable, and accurate real-time AI.

Earlier this year, Aerospike closed a $114M investment to support company growth and meet market demand. DB-Engines currently ranks Aerospike as the second most popular vector database and the third most popular graph database. Aerospike lets users pick the best data model for the job with one massively scalable database that handles vector search, key-value, and graph applications while still running on 80% less infrastructure than legacy or point solutions.

“Companies are racing to deploy AI but are quickly finding that ingesting and managing the massive amounts of data they need for accurate real-time decisions is very expensive at scale,” said Subbu Iyer, CEO of Aerospike. “Our customers lead their industries with some of the most successful, cost-effective AI deployments, and more organizations are turning to Aerospike to start and scale up their AI initiatives.”

Year-to-Date Milestones and Highlights

• Expanded senior team with the addition of former Twillio executive Evan Cummack as Chief Product Officer and Tammy Sexton, most recently of Skyflow, as Chief Revenue Officer.
• Named by Forrester as a notable vendor in its Vector Databases Landscape, Q2 2024 report and recognized once again by DBTA as one of the “companies that matters most in data.”
• Launched Version 7.1, which lets enterprises easily consolidate hundreds of expensive legacy cache databases on a relatively small Aerospike database cluster as a shared service to dramatically cut costs and boost performance.
• Added new developer-friendly features to the Aerospike Database, such as a unified storage model and precise LRU cache eviction that simplifies the choice of storage engine and memory management. Release of an Aerospike driver for LINQPad 7+, which supports all LINQPad capabilities, including the ability to learn and use the Aerospike API directly. The Aerospike LINQPad driver has been downloaded over six thousand times.
• Earned accolades and awards, including being named to the Inc. 5000 List of Fastest-Growing Companies in America for the third consecutive year, as well as winning a Business Sustainability Award and a Breakthrough Data Award for “In-memory Database of the Year.”