Redis, the company behind the popular in-memory data store, has made a significant announcement with the launch of Redis 8. This release marks a major milestone for the company and showcases its commitment to Redis as a vector database for AI use cases. In addition to the new version, Redis is introducing an AI Copilot to assist developers in retrieving Redis docs and writing code more efficiently.
One of the noteworthy aspects of this release is Redis’s shift in licensing earlier this year. The company moved from an open-source BSD license to a dual-license scheme, using the Redis Source Available License (RSALv2) and Server Side Public License (SSPLv1). The primary motivation behind this change was to prevent large cloud providers like Google and Amazon from offering hosted services based on Redis’s open-source projects without compensation. By implementing this new licensing strategy, Redis aims to protect its innovations and ensure fair compensation for its work.
Redis CEO Rowan Trollope explained that the previous license was inhibiting the company’s innovation, as competitors could freely take advantage of Redis’s developments. The change in license has allowed Redis to break down the dam and unleash a reservoir of innovation that had been building up. Redis 8 represents a total revamp of the platform, focusing on speed, which has always been a core principle of Redis.
Interestingly, Redis has also observed a growing interest from generative AI developers who require fast vector databases to build upon foundation models. Redis has become a valuable tool for these developers, allowing them to speed up and reduce costs for inferencing and semantic caching. Developers have reported savings between 30% and 90% on their inferencing costs by leveraging Redis.
The licensing change has also enabled Redis to integrate features from Redis Stack into the Redis 8 Community Edition. Previously, these features were unavailable in Redis Core due to the BSD license. Now, Redis offers a unified Redis Community edition that encompasses all features.
In addition to the AI-focused updates, Redis is introducing Redis Flex, a feature that allows users to run Redis caches on flash drives instead of relying solely on in-memory storage. Redis Flex, based on the company’s acquisition of Speedb, can run on DRAM and SSDs, significantly reducing costs compared to the traditional in-memory version. Redis claims that businesses can lower their data caching costs by up to 80% with Redis Flex.
Looking ahead, Redis has its sights set on an IPO. The company recently hired a new CFO, Tony Tiscornia, and a new Chief Administrative Officer, Diane Honda, both of whom bring IPO experience to the table. Redis is financially prepared for an IPO and is waiting for favorable market conditions to proceed. The addition of experienced leadership in the form of a CFO often indicates a company’s progression toward an IPO, making it clear that Redis is inching closer to this milestone.
Overall, Redis 8 represents a significant step forward for the company, solidifying its position as a leading provider of in-memory data storage. The new features and advancements cater to the needs of AI developers and businesses seeking cost-effective caching solutions. With an IPO on the horizon, Redis is poised for further growth and success in the market.