Graph database innovator Neo Technology has raised $20 million in Series C funding, it announced yesterday.
The fresh funding will help the outfit to work on the further development of their graph database Neo4j, as well as fuel growth in the open source community all the while expand outreach globally to address the ‘increasing demand for graph databases,’ explains their news release.
“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,” explains Johan Brenner, General Partner at Creandum.
“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.
The company believes that the demand for their graph database product has increased made evident by over 500,000 downloads since the launch of Neo4j 2.0 last year along with “thousands of production deployments, a thriving community of developers worldwide and record turnout for Neo’s GraphConnect San Francisco 2014 conference,” the firm said.
The company boasts of both market veterans as well as startups using their product like Walmart, eBay, Earthlink, CenturyLink,Cisco and startups such as Medium, CrunchBase, Polyvore and Zephyr Health incorporate Neo4j.
The investment was headed by Creandum with Dawn Capital and saw participation from existing investors like Fidelity Growth Partners Europe, Sunstone Capital and Conor Venture Partners. Neo Technology also pointed out that veteran venture capital investor, Johan Brenner of Creandum will join Neo Technology’s Board of Directors.
(Image credit: Screenshot of Neo4j’s graph viz by Karsten Schmidt)