MongoDB Raises $150M, Now the Most Funded Big Data Startup
Riding the Big Data tidal wave, MongoDB has raised $150 million in financing to accelerate its global expansion. The round was led by an unnamed financial services company and attracted industry heavy hitters such as Salesforce and Intel. Altimeter Capital, T. Rowe Price Associates and Sequoia Capital also participated, bringing the NoSQL vendor’s total funding to a record $213 million.
Now the most valuable startup in New York, MongoDB offers a highly scalable document-oriented database for analytical and fast-changing operational workloads. The platform has been downloaded over 5 million times, and deployed by SAP, MTV Networks, Foursquare and other big name companies.
Max Schireson, the chief executive officer of MongoDB, noted that “adoption of MongoDB has grown explosively over the last few years. This funding will allow us to continue to invest in the technology and the global operation our customers require. Building the product and company to bring greater agility and scalability to how organizations manage data will require a large and sustained investment. With this additional funding we will have the staying power to make these investments.”
As part of its aggressive growth strategy, MongoDB will expand its partner ecosystem and target new markets. The company also plans to double its headcount to 600 over the next 12 months.
Originally known as 10gen, the SQL vendor rebranded in August to “get back into alignment” with its flagship product. Shortly afterwards, rival MemSQL updated its distributed in-memory database to support JSON, a popular syntax for processing semi-structured data.
According to the company, the upgrade streamlines analytics by providing users with a consolidated view of multiple data sources, from social media sites to business intelligence applications. It also improves index scan performance and expands support for SQL.
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