Materialize, an NYC startup that aims to simplify the application development process, announced Monday it closed on a $32 million Series B round led by Kleiner Perkins, bringing its total funding raised to $40 million.
Claiming to be the first company of its kind, Materialize offers a streaming SQL database that helps engineers do their jobs more efficiently without the need for third parties or any specialized skills. In a nutshell, the platform processes this data as it is generated so users can better understand it and answer any complex questions that arise when building applications. All of this is done in a matter of milliseconds, according to the company.
“When the world changes quickly, you need a way to interpret the chaos and make the right decisions quickly. Our mission is to make real-time information simple and accessible so businesses can easily identify what’s important,” Materialize co-founder and CEO Arjun Narayan said in a statement. “A company’s ability to use real-time data for insights and value will determine which companies lead their respective industries in the years ahead.”
The company says its current customers use its platform for real-time data visualization, financial modeling and to advance their SaaS applications in industries like marketing and logistics. This fresh funding will be used to further expand its product offerings.
While Materialize has only been around for about a year, its engineers have been working in space for a decade at places like Cockroach Labs, Dropbox and YouTube. Now, the company plans to also use this money to grow its team, specifically in the engineering, marketing, product and operations departments.
