DragonflyDB announced that they have raised $21 million in funding, just a year after their founding.

Founded in March 2022 by Oded Poncz and Roman Gershman, DragonflyDB is an in-memory database startup that provides scalable in-memory data storage for cloud environments designed to accelerate enterprise applications.

Many applications store the information they use most often in a specialized database called in-memory storage. In-memory storage is usually faster than an application’s main database. Therefore, frequently used information can be retrieved in a faster manner, which improves workload performance.

One of the most widely used in-memory stores on the market today is Redis, and DragonflyDB is considered a production-ready, highly available drop-in replacement for Redis.

According to the official benchmark data, the performance of Dragonfly is much higher than that of Redis.

Dragonfly uses an innovative hash table structure called dashtable to minimize memory overhead and latency. Dragonfly also uses bitpacking and denseSet to compress memory data technology, making its memory efficiency 30% higher than Redis on average. Finally, Dragonfly uses consistent memory during snapshots, eliminating the need to over-provision memory typical of Redis.

While this is the first time DragonflyDB has announced their funding, they have completed two rounds of funding. The seed round was led by Redpoint Ventures, and the Series A round was led by Quiet Capital. Satish Dharmaraj of Redpoint Ventures and Astasia Myers of Quiet Capital have both joined DragonflyDB’s board following the funding round.

DragonflyDB will use the funding to strengthen its database, with plans to add support for more types of workloads, and improve Dragonfly’s architecture to handle larger and more complex workloads, as well as simplify the user experience.

Among other things, DragonflyDB will use the funds to expand its development team, with plans to double its seven-person workforce by the end of this year.