Revolutionizing cloud services for startups and small to medium-sized businesses (SMBs), DigitalOcean Holdings, Inc. has launched Scalable Storage for its PostgreSQL and MySQL Managed Databases. This innovative feature allows these companies to pay only for the data resources they use, effectively eliminating cloud underutilization and optimizing customer expenditure.
Startups and SMBs can now effortlessly expand their disk storage without the need to adjust compute and memory settings, streamlining operations and bolstering efficiency.
Megan Wood, Chief Strategy & Product Officer at DigitalOcean said, “DigitalOcean’s portfolio is tailored to meet the needs of startups and tech entrepreneurs, enabling them with flexible and cost-effective solutions like Scalable Storage. With this new offering, businesses can easily accommodate dynamic database storage requirements and expand their data footprint with confidence, making it easier to grow in the cloud.”
Recognizing the resource constraints faced by startups and SMBs, Scalable Storage comes as a cost-effective solution that allows users to augment storage for MySQL and PostgreSQL Managed Databases with minimal downtime. It also has a range of shared and dedicated configuration plans tailored to individual business needs.
DigitalOcean has been strategically allocating resources to improve its product and infrastructure offerings, aiming to offer SMBs and startups enhanced peace of mind, enhanced productivity, and cost-effective solutions.
DigitalOcean Managed Kafka for data streaming
DigitalOcean unveiled Managed Kafka, a fully managed data streaming platform-as-a-service offering for Apache Kafka. This development simplifies real-time data processing for SMBs across various sectors, including video streaming, IoT, data analytics, gaming, and eCommerce. The platform eliminates the complexities associated with Kafka administration, providing businesses with a streamlined and hassle-free solution.
Object Storage for increased performance
DigitalOcean’s launch of DigitalOcean Spaces in its Bangalore data center aims to meet the escalating object storage needs of global small businesses. This provides highly performant and scalable data storage solutions suitable for various applications, including data analytics workflows, AI model training, log file storage, and video streaming.
Acquisition of Paperspace
In July, DigitalOcean made a strategic move by acquiring Paperspace. This acquisition was prompted by the escalating demand for cloud solutions in the field of AI/ML, driven by the rising prominence of large language models (LLMs) which have captivated the imaginations of developers, small enterprises, and startups worldwide.
Paperspace brings a wealth of capabilities to the table for AI/ML applications, harnessing the power of high-performance GPUs. This strategic integration will open up exciting prospects for DigitalOcean customers, offering them the ability to train, construct, and expand their machine learning models within the cloud environment.
Collectively, DigitalOcean and Paperspace are poised to create new opportunities for startups and small businesses, breaking down barriers that previously limited access to these advanced technologies primarily to larger enterprises equipped with substantial IT departments and substantial R&D budgets.
Through the comprehensive enhancements within DigitalOcean’s portfolio, startups, and tech entrepreneurs now easily expand their businesses in the cloud. These also include the introduction of premium CPU-Optimized Droplets, advanced memory, and storage alternatives, and the implementation of budget-friendly support plans, all aimed at empowering businesses.
Looking ahead, DigitalOcean is set to introduce more features designed to solidify its position as the cloud provider of choice for startups and SMBs. These include faster and more comprehensive backups and improved performance across a variety of product lines.
Financial highlights
DigitalOcean reported impressive financial results for the second quarter of 2023, with revenue increasing by 27% year-over-year to reach $170 million. The Annual Run-Rate Revenue (ARR) stood at $682 million with 25% year-over-year growth.
The company will release its financial results for the third quarter ending September 30, 2023, after the market closes on Thursday, November 2, 2023.
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