Almost half a billion dollars in new funding is going to two database vendors — Neo4j and Firebolt —as investors look for the next Snowflake in the red-hot, $50 billion database market.
The flurry of investment activity reflects optimistic growth forecasts for cloud databases, driven by the surge in data being created globally and the trend among businesses to store and analyze many petabytes of data in the cloud. Gartner estimates that 75 percent of databases will be moved to the cloud, or created in the cloud, by the end of next year.
“This is a magical time in the database space,” wrote Emil Eifrem, Neo4j’s co-founder and CEO, in a blog post announcing $325 million in Series F funding. “Over the next few years, a handful of companies will emerge as the new leaders in the database market, and they will last for generations.”