Neo Technology today announced the finalization of $20M in Series C funding. Today’s Series C funding raise was led by Creandum with additional participation from Dawn Capital. Existing investors Fidelity Growth Partners Europe, Sunstone Capital and Conor Venture Partners all participated in the round. The funding will be used to expand sales operations, enhance product development and build the open source community supporting the Neo4j platform and its attendant partner ecosystem. The funding comes hot on the heels of a year of explosive growth for Neo Technologies and its vendor-led open source graph database, Neo4j. Neo Technology’s CEO and co-founder Emil Eifrem remarked on the company’s growth as follows:
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.
Eifrem notes how Neo Technology’s growth has been fueled by increasing enterprise-wide adoption of graph databases in conjunction with Neo4j’s consistent demonstration of its ability to support a variety of production-grade environments. In a phone interview with Cloud Computing Today, Eifrem further remarked how one of the challenges for Neo Technology consists of developing an incisive sales outreach strategy given that almost every enterprise could benefit from the adoption of graphing technologies. Eifrem elaborated that Neo Technology has chosen to tackle the challenge of prioritizing its sales outreach efforts by focusing on use cases that include data-driven recommendations (in e-commerce and social networking, for example), master data management, identity and access management, graph based search, network and IT operations, the internet of things and pricing, while nevertheless remaining open to other client requests and interests. Since the launch of Neo4j 2.0 last January, Neo4j has experienced over 500,000 downloads and boasts thousands of enterprise-grade deployments featuring organizations such as Walmart, eBay, Earthlink, CenturyLink, Pitney Bowes and Cisco. Based on its impressive record in 2014 and the explosive proliferation of use cases for graphing technology, 2015 could well represent an inflection point for Neo Technologies as it consolidates its leadership in the graph database space by using its additional funding to gain more market traction while continuing to educate the industry on the value proposition of adopting Neo4j.