Neo Technology Raises $20 Million in Series C Funding to Fuel Global Expansion
Mainstream adoption of Neo4j drives significant market growth and demand for graph databases
Neo Technology, creator of Neo4j, the world’s leading graph database, today announced the closing of $20 million in Series C funding, led by Creandum with Dawn Capital. Current investors Fidelity Growth Partners Europe, Sunstone Capital and Conor Venture Partners all participated in the round. Neo Technology will use the investment to innovate further with its award-winning Neo4j product, drive open source community growth, and expand its U.S. and international footprint in response to increasing demand for graph databases. As part of this announcement, Creandum’s Johan Brenner, one of Europe’s most experienced venture capital investors with investments that include Spotify and iZettle, will join Neo Technology’s Board of Directors.
“We have followed Emil and the Neo team over many years as they have built their leading position in graph databases. We are thrilled and honored to now be on board this exciting journey,” said Johan Brenner, General Partner at Creandum.
“As an investor, we share a common vision of the role that Neo Technology plays in helping businesses leverage data relationships in real time,” said Haakon Overli, General Partner at Dawn Capital. “The current set of RDBMS and NoSQL technologies fall short when it comes to modeling, storing and retrieving both data and relationships in real time. Any application where the value comes from insights based on data relationships will need a graph database, and Neo4j is the only enterprise-grade graph database on the market.”
Demand for Neo4j Explodes as Use Cases for Graph Databases Broaden and Accelerate
“There are two strong forces propelling our growth: one is the overall market’s increasing adoption of graph databases in the enterprise. The other is proven market validation of Neo4j to support mission-critical operational applications across a wide range of industries and functions,” said Emil Eifrem, Neo Technology’s CEO and co-founder.
Neo’s strong momentum—with over 500,000 downloads since the launch of Neo4j 2.0 last year, thousands of production deployments, a thriving community of developers worldwide and record turnout for Neo’s GraphConnect San Francisco 2014 conference—reflects the huge demand for Neo4j. Large enterprises like Walmart, eBay, Earthlink, CenturyLink, Pitney Bowes and Cisco as well as startups like Medium, CrunchBase, Polyvore, Zephyr Health and Elementum use Neo4j to unlock business value from data relationships in mission-critical applications that include real-time pricing, online product and service recommendations, fraud detection, graph-based search and Internet of Things (IoT). Never before has it been possible to derive business value in real time from data relationships. Neo4j helps businesses create new products and services and reimagine existing ones by bringing data relationships to the forefront.
Graph Databases Will Reach Over 25 Percent of All Enterprises by 2017
Forrester Research analysts have underscored the tremendous opportunity for Neo Technology, recently reporting that graph databases will reach over 25 percent of all enterprises by 2017.1 And according to leading analyst firm, Gartner Inc., “Graph analysis is possibly the single most effective competitive differentiator for organizations pursuing data-driven operations and decisions after the design of data capture.”2 Neo Technology is consistently recognized by the firm for its product innovation, being named a Cool Vendor in DBMS, 2014, listed among the ‘Who’s Who in NoSQL DBMSs’, and included in the 2014 Magic Quadrant for Operational Database Management Systems (DBMS).
“We had a lot of interest in this round from a number of highly respected investors, and chose Creandum and Dawn Capital for their breadth of experience operating and advising successful technology businesses,” said Eifrem. “This partnership will help us innovate and execute faster to leverage our first-mover advantage in the fastest growing database management category ranked by DB Engines.”
About Neo Technology
Neo Technology is the creator of Neo4j, the world’s leading graph database, that brings data relationships to the fore. From companies offering personalized product and service recommendations; to websites adding social capabilities; to telcos diagnosing network issues; to enterprises reimagining master data, identity, and access models; organizations adopt graph databases as the best way to model, store and query both data and its relationships. Neo Technology researchers pioneered the modern graph database and have been instrumental in bringing the power of the graph to numerous organizations worldwide. Large enterprises like Walmart, eBay, UBS, Nomura, The InterContinental Exchange, Cisco, CenturyLink, HP, Pitney Bowes, Telenor, TomTom, Lufthansa, and The National Geographic Society, as well as startups like CrunchBase, Medium, Polyvore, Zephyr Health, and Elementum use Neo4j to unlock business value from data relationships.
Neo Technology is a privately-held company funded by Fidelity Growth Partners Europe, Sunstone Capital, Conor Venture Partners, Creandum and Dawn Capital, and is headquartered in San Mateo, CA, with regional offices in Sweden, UK, Germany, France, and Malaysia. For more information, please visit Neo4j.com.
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Kulesa Faul for Neo Technology, Inc