Rockset raises $44 million to power applications in search, analytics, and AI

Latest round brings total funding to $105 million as the company obtains traction in replacing Elasticsearch in modern data applications.

Rockset, a search and analytics company, announced today that it has raised $44 million, bringing its total funding to $105 million. Icon Ventures led the round, with participation from new investors Glynn Capital, Four Rivers, and K5 Global, as well as Sequoia and Greylock.

As the adoption of real-time AI accelerates at a breakneck pace, Rockset has doubled its customer base and tripled its revenue for the past two years in a succession. As the next-generation, cloud-based real-time indexing database, Rockset is replacing Elasticsearch in modern fintech, gambling, e-commerce, and logistics companies for developing search and artificial intelligence applications such as:

• Utilizing live user behavior signals and AI-powered personalization, recommendation engines will increase revenue by delivering AI-powered personalization.
• By incorporating contextual data into responses, chatbots will enhance consumer experience.
• Risk analytics to facilitate real-time anomaly detection for fraud prevention and risk management
• Real-time surveillance of the movement of assets through the supply chain to improve the efficiency of logistics tracking.
• Real-time search and reporting to enhance SaaS application end-user experiences

Rockset ingests streaming data and employs a highly efficient Converged Index storage format, stored on RocksDB, to provide low-latency search, filtering, aggregations, and joins, using only SQL. Rockset now enables developers to index and update both metadata and vector embeddings in real time, a crucial component for implementing semantic search, recommendation engines, and Generative AI applications.

Their mission is to simplify the creation of scalable search and AI applications for our customers. With compute-compute separation, they have redefined the data cloud architecture for speed, efficiency, and simplicity, and this combined with AI advancements, is spawning a new wave of applications that transform data into action, according to Rockset co-founder and CEO Venkat Venkataramanan. This round of financing will allow us to innovate in real-time AI and invest in additional initiatives that accelerate market entry and adoption.

Clinical ink, a premier eSource platform focused on improving the efficiency and accuracy of medical trials, chose Rockset over Elasticsearch. As the new operational data hub for clinical teams, Clinical ink is currently instituting real-time monitoring of clinical trials. Rockset’s speed and capacity to support sophisticated filters, joins, and aggregations astounding. Alex Doan, senior director of enterprise architecture at Clinical ink, stated in a recent case study that Rockset accomplishes query latency in the double-digit millisecond range and can scale ingest to support real-time updates, inserts, and deletes from DynamoDB.Rockset has proven to require minimal operational effort compared to OpenSearch, which required manual intervention to achieve optimal performance. Hence, Clinical ink can expand our operations to accommodate larger virtual instances and more clinical sponsors with the press of a button.”

Whatnot, a prominent social marketplace for discovering, purchasing, and selling products, desired a platform that would allow data science and machine learning professionals to rapidly iterate and deploy to production. The biggest pain point for the small team was Elasticsearch’s high operational overhead. Rockset delivered true real-time ingestion and queries with end-to-end latency of less than 50 milliseconds. Not only did it match Elasticsearch, but it did so at a much lower operational effort and cost, while handling a much larger volume and variety of data and facilitating more complex analytics – all in SQL.”