> my software value "derives from the functionality of RedisSearch"
Your software might just literally be 99% RedisSearch, but you're not making money from your software (e.g. by selling it); you're making money from operating your software, combined with content (e.g. by using it to facilitate e-commerce transactions.)
You'd be in trouble if you wanted to white-label "your technology" and sell it as a platform for other people to run their own online shops on, because it's not really "your technology" to sell.
But if your play isn't specifically that, then you're fine.
Also,
> Do my only option not to host it at Redis Labs?
this wouldn't be an option. The whole point of this license is that the software "RedisSearch" is owned by Redis Labs. Hosting it with Redis Labs themselves, or not, is irrelevant. You have to license the software (if you're deploying it yourself)—or rely on your DBaaS provider to license it for you (if they're deploying it.)
Basically exactly like a software patent, come to think of it.