MapR Technologies announces an equity financing of US$50 million
MapR Technologies, Inc. has announces an equity financing of US$50 million. With this financing, MapR has now raised a total of $194 million in equity.
The additional funding accompanies another consecutive record quarter. The company continued to advance in Q2, with an increase of more than 100% in bookings over the prior year. Licences and support agreements for the MapR Converged Data Platform represented 90% of total bookings, “reinforcing the value of the enterprise software business model,” said the company.
With multiple software licence transactions over five million dollars from new and existing customers, MapR continues to demonstrate strong demand for enterprise-grade and real-time features of a converged data platform.
Additionally, MapR reported an outstanding retention rate of 99% and a dollar-based net expansion rate of 145%. New and expanded customers in Q2 include American Express, Audi, Ericsson, JLL, Bank, Philips, Qualcomm, and Rubicon Project.
“Demand for the MapR Converged Data Platform continues to grow as it enables customers to lower IT costs by unifying data into a single platform and simultaneously drive innovative applications to generate new revenue streams,” said Matt Mills, president, MapR Technologies. “MapR addresses the transition of on-premise to cloud computing by unifying all data within a single converged data architecture.”
John Schroeder, founder and CEO, MapR Technologies said, “This new funding strengthens our balance sheet as we look ahead to an initial public offering.”
The $50 million equity financing was led by Future Fund, with participation from all existing investors, including Google Capital, Lightspeed Venture Partners, Mayfield Fund, New Enterprise Associates, Qualcomm Ventures, and Redpoint Ventures.
“Enterprise computing is going through one of the biggest transformations in decades and companies that are serious about leveraging data as a disruptive advantage are relying on MapR,” said Barry Eggers, managing partner, Lightspeed Venture Partners. “The company has consistently demonstrated strong growth over several years and we believe its technology lead will continue to drive its success.”
MapR enables organisations to create long-term value from their data with its Converged Data Platform, which delivers distributed processing, real-time analytics, and enterprise grade requirements across cloud and on-premise environments, while leveraging the significant on-going development in open source technologies including Spark and Hadoop.
Organisations running on MapR include those demanding sub-second response for fraud prevention, secure and highly available data-driven insights for better healthcare, petabyte analysis for threat detection, and integrated operational and analytic processing for improved customer experiences. The company’s partners include Amazon, Cisco, Google, HPE, Microsoft, SAP, and Teradata.
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