MapR secures $56 million in funding as it celebrates ‘outstanding’ financial quarter
MapR Technologies, a data management platform provider, has announced an equity round of $56 million (£42.5m) from existing investors.
The company said it would use the money to “continue product innovation of the industry’s first modern enterprise platform for all data, accelerate country and regional growth to fulfil the demand for the MapR Converged Data Platform throughout APAC and Europe, and bolster MapR’s thriving global partner community.” According to CrunchBase, the latest funding round puts the company at $250m of venture capital raised after six rounds.
This comes amidst what MapR called an ‘outstanding’ financial quarter, with more than 100% year over year growth in new subscription billings and 70% annual billings growth year over year.
Highlights for the company in the most recent quarter included a partnership with big data integration vendor Talend to help organisations meet GDPR requirements, as well as a collaboration with NTT DATA Business Solutions Asia Pacific around SAP deployments.
“Our customers and partners continue to be at the forefront of this 30 year re-platforming the industry is going through today,” said Matt Mills, MapR CEO in a statement. “We are working closely with them to ensure their success and helping them to execute on their digital transformation and data strategies.
“Our performance in recent quarters and the additional equity from our existing investors are proof points that we are successfully executing on our strategy as we continue to be heads-down and focused,” Mills added.
Speaking to The Register in June, Mills said the company’s trajectory was towards IPO but without specific timeframes at that moment. An interesting example of a competitor in this space is Cloudera – MapR was called out as a competitor of Cloudera’s in the open source space in the former’s IPO filing – who went public in April this year. As this publication reported last week, Cloudera’s latest financials beat expectations, with total revenues hitting $89.8m for the most recent quarter.
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