The company was approached by Andreesen Horowitz for funding, despite not actively seeking additional investment. CEO Enes Akar initially resisted the offer, preferring to remain independent, but reconsidered as he saw the potential of generative AI. The company, which has around 16 employees, plans to hire another 15 in the next year, focusing on professional support and customer success.
Key takeaways:
- Upstash, a serverless data platform for data-intensive applications, has seen significant growth in the past two years, boasting an ARR of $1 million and securing a $10 million Series A led by a16z.
- The company's growth has been driven by the rise of generative AI, a data-intensive application. Upstash's consumption-based pricing model, where users only pay when data starts moving through the system, has been particularly appealing to developers.
- Upstash's user base has grown from 12,000 developers in March 2022 to 85,000 today. The company's success attracted the attention of Andreesen Horowitz, who approached the company for funding.
- The company has recently introduced a new vector database targeting AI developers and plans to hire another 15 or so employees in the next year, focusing on professional support and customer success.