Published On: Tue, Oct 8th, 2013

MongoDb raises $150 million in latest round of funding

Co –founder and CEO Max Schireson and CTO Eliot Horowitz announced that the funding reflects growing  interest in finding alternatives to traditional databases.

max-schireson

       MongoDB’s Co –founder and CEO Max Schireson

have announced that they have received a further  $150 million in funding, with those investing including  several some of the largest investment and software companies, among them  Salesforce.com, Intel Capital and Sequoia Capital.

The funding according to Schireson and Horowitz is  a further sign of the growing enterprise interest in integrating more advanced  technologies for high volume data applications. MongoDB are specialists in the development of  NoSQL databases.

With the most recent round of funding, MongoDB have succeeded in raising a total of  $231 million in investment capital since the company, which originally traded as 10Gen, since it first began trading in  2007.

The  considerable injection of $150 million in a single funding round has been already being penciled in as among the  largest ever presented to any database company, making the company one of the most heavily funded  startups specializing in high volume date handling currently active.

The management team at MongoDB, which includes not only Messrs. Schireson and Horowitz but also  Dwight Merriman and Kevin P. Ryan decided to change the company’s  name only in August of this year, adopting the name of  MongoDB Inc., to closer align  the company with its flagship product.

Now with a new name and lot’s of money in the bank, MongoDB , according to Max Schireson, will be making some considerable investments  in developing the company’s core database as well bringing in more advanced  tools and services designed with a view to scaling out the company’s technology.  Another area that the company will be investing in will be to improve levels of customer support  for MongoDB’s rapidly expanding client base worldwide.

According to Schireson, when the company was founded six years ago, the bulk of the early in high volume date bases  came from Web  based companies, however in the last year or so, interest from the  traditional “ land based” sector has also grown considerably.

MongoDB  LOGO

Major companies of the status of Metropolitan Life Insurance, Goldman Sachs are now clients of  MongoDB. These companies have discovered that by using a NoSQL databases, their ability to integrate massive quantities of data, previously in a mixture of structured, semi-structured and unstructured format can be rapidly  brought together in a single manageable format.  Some of the common use cases for MongoDb’s  technology, according to Max  Schireson,   includes  applications for high frequency trading, content management and delivery mobile and social infrastructure management as well as  web analytics.

MongoDb’s  databases  are  designed to handle  massive clusters of commodity hardware and are capble of  being rapidly  scaled up through modularly adding new systems to the cluster as needed.

Where the advantage lies with  MongoDb’s  databases , according to  the company’s Chief Technical Officer  Eliot Horowitz is that  unlike a relational database where data gathered is traditionally  stored in rows and tables, a document-oriented database such as MongoDB is capable of grouping  data according to client’s pre-determined  relevance.

With more than 320 employees and offices in multiple locations around the world, MongoDB is one of the larger vendors of NoSQL technologies, named in September 2012, as the top software company on the Wall Street Journal’s Next Big Thing for 2012. A prediction that they may well have fulfilled.

 

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