By Aayushi Mittal | November 1, 2018
Graph database-flinger Neo4J has doubled its total funding after bagging $80m in E-round funding.
The biz, which is headquartered in Silicon Valley but has strong links to Europe via Swedish founder and CEO Emil Eifrem, launched in 2007.
To date, the most it has pulled in during a single funding round is £36m, having raised a total of $80m prior to today’s funding round. This means today’s E-series funding – led by UK-based One Peak Partners and Morgan Stanley Expansion Capital – doubles its total to date.
The firm didn’t divulge its valuation, but the with a big name like Morgan Stanley in the picture, this puts it in good stead as it attempts to fend off new players in the graph database market, which has been predicted to grow from $821.8m in 2018 to $2.4bn in 2023.
Eifrem acknowledged this, but said it had changed conversations during this funding round. Previously, investors queried the size of the market, but this time Eifrem claimed the focus had shifted to how Neo4j would maintain its position.
He told The Register that his answer was “a technology play”, and that a “significant proportion” of the $80m funding would be funnelled into Neo4j’s product to make it “faster, more scalable and easier to use” than competitor products.
He also stressed that the firm was continuing its focus on its “bread and butter” business and transactional application, with its latest release, Neo4j 3.5, coming out last month.
Keywords: Series E Funding