SingleStore Database of Now Also Provides Lower TCO for Financial Data Market Innovator
SingleStore, the unified database for fast analytics, announced its collaboration with IEX Cloud to deliver technology that disrupts the financial data market.
IEX Cloud connects developers with more than 150 enterprise-grade financial datasets all in one place, enabling its users to build and scale innovative applications. To support such a robust offering, the platform must ingest, normalize, and analyze large volumes of diverse data in real time.
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Pairing SingleStore’s technology with IEX Cloud’s platform creates a powerful system that is a game-changer for developers. SingleStore’s database enables speed and scale in data ingestion, processing, and querying. IEX Cloud’s platform then distributes that data all around the world in a single, easy-to-use API with minimal latency.
“IEX Cloud processes more than 2.5 billion API requests per day for over 150,000 registered users around the world – all with an average latency of less than 10 milliseconds. We needed a database that could support our immense volumes of data and concurrency, lower the total cost of ownership, and provide a solid foundation for our high-performance data platform,” said Tim Baker, head of IEX Cloud.
For most databases, that is a tall order. Some databases are great for storing large amounts of historical data, but can’t meet the real-time requirements needed for financial data, web developers, or websites. Other databases address real-time data, but they don’t scale. So, companies with diverse workloads typically use disparate database systems. But that adds complexity and cost.
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IEX Cloud wanted a single database that would facilitate real-time streaming of rapidly updated data, like stock prices or crypto prices, while also addressing its larger historical datasets. It found that solution in SingleStoreDB.
“SingleStore enables us to do monitoring and analysis in the same system that houses our historical data, and this creates enormous efficiencies for us,” said Josh Blackburn, chief technology officer of IEX Cloud. “We’ve been able to consolidate multiple databases, run our platform faster, and speed the onboarding processes for new data sets.”
“We’re excited to serve IEX Cloud with our modern unified database for fast analytics,” said SingleStore Vice President and General Manager Roman Bartik. “As an industry disruptor ourselves, we understand the need for solutions that deliver speed, simplicity, and lower total cost of ownership to get the job done. IEX Cloud’s ability to distribute diverse data types to users around the world quickly is a great use case for SingleStore’s database. We’re proud to work collaboratively with IEX Cloud to help them enhance their performance and serve a growing community of users.”
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