Industry News Desk
10gen Scores $42 Million in Big Data Funding
It’s unclear what round this is since it got a $20 million D round last September
By: Maureen O'Gara
May. 30, 2012 09:00 AM
10gen, which wrote the open source NoSQL MongoDB database, has pulled in $42 million in financing to add to the $31.4 million it's gotten since it started.
It's unclear what round this is since it got a $20 million D round last September, but Business Insider heard it was valued at $500 million-$550 million this time through.
The new money is coming mostly from new investor New Enterprise Associates with existing investors Sequoia Capital, Flybridge Capital Partners and Union Square Ventures kicking in.
The company says it means to use the money to develop MongoDB and the MongoDB Monitoring Service (MMS) and support its user base and community better. "We want to change the database market, to make MongoDB the best way for companies to build new applications," said CEO Dwight Merriman, the founder of DoubleClick, in a statement. "Our goal is to give tech teams not only a database that scales to any Big Data level required but also helps developers be productive and more nimble."
MongoDB is supposed to be the dominant NoSQL player. NEA imagines it "becoming the de facto database for both Web 2.0 companies and large enterprises. We see nothing but continued growth for the company and the MongoDB community."
NoSQL is supposed to be a $3.4 billion market by 2018.
The company claims top enterprises in telecommunications, financial services, media, government and technology have been standardizing on the widgetry and that it's been seeing 50% quarter-over-quarter sales growth for the past five quarters. That translates in 500 paying customers out of maybe 5,000 customers according to Business Insider.
10gen has grown its staff over 400% to 130 employees since January of 2011. It's still hiring.
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