MongoDB scores largest database funding round ever
- Jon Xavier
- Web Producer- Silicon Valley Business Journal
- Email | Twitter | Google+
That's the largest single round
of funding for a database company ever, and it puts MongoDB's valuation at $1.2
billion. A lot of people have made a big deal this morning about this new round
making MongoDB the most valuable company in New York, but given that they have a
dual headquarters in New York and Palo Alto and CEO Max Schireson actually works
on the West Coast, I'm not sure how valid that comparison is.
T. Row Price Associates led the round, along with new investors Altimeter
Capital and Salesforce. It also included participation from Intel Capital, NEA,
Red Hat and Sequoia, all existing investors.All told, the company, which provides alternative database architecture called NoSQL, has raised $231 million. It has about 300 employees.
Particularly interesting in this round is Salesforce, which as the world's largest cloud software provider, could certainly make use of NoSQL databases. Salesforce currently runs off of Oracle databases, but this could be a sign that the company is weighing its options.
In a blog
post announcing the funding, CEO Schireson said he saw MongoDB as a company
for the long-term. He noted that the same companies have held a stranglehold on
the database market for more than 30 years, and that new technologies like
MongoDB are poised to disrupt them. But he wrote that this decades-long
dominance means that those technologies are very mature, and it will take a lot
of development to get to their level of refinement, good technology or no.
Jon Xavier is Web Producer at the Business Journal. His phone number is 408.299.1826.
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