While businesses might still be coming to terms with the potential of graph databases, the company that has done much to define the market with its Neo4j graph database, Neo Technology, has just got another $36m in new funding.
This latest Series D investment comes from Greenbridge Investment Partners, along with existing investors Sunstone, Creandum, and Eight Roads Ventures. The funding will be used to “build on the tremendous momentum we’re seeing this year around Neo4j,” said Neo Technology CEO Emil Eifrem.
“As connected enterprises look for real-time value from unprecedented volumes of data, [the] graph database is becoming the enterprise standard for doing this,” he said.
Until recently a little known technology, graph databases achieved fame through the Panama Papers revelations which clearly demonstrated how powerful this technology could be to make sense of large amounts of data.
Last month at Neo Technology’s GraphConnect conference, organizations as diverse as NASA, Marriott, Cablevisión, Cisco, and Novartis explained how they are using graph databases.
Speaking about this latest cash injection, Eifrem said that the company had its own way of raising the funding.
“The traditional Silicon Valley view is that you should raise as much money as you possibly can, and I fundamentally disagree with that view,” he told ZDNet.
“We have been very European, if you will, about how we run our company compared to all the other database companies, some of them raising $150 to $350 [million],” he said. “We’ve always aimed to grow it in a little more careful and cash-efficient way. We are very focused on how we are spending the money.”