Hadoop Distributor MapR Raises $56M In Funding, Eyes IPO
After raising a total funding of $194 million, MapR Technologies Inc. has secured another $56 million in an equity round of funding led by Lightspeed Venture Partners, the company said in a press release. “The funds will be used 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,” the release said. The company, which sells a commercial version of the popular Hadoop data crunching framework, received the funding following a quarter in which it claims to have doubled new subscription billings year-over-year. “Companies around the world rely on MapR to transform their business and achieve a disruptive advantage with their data,” said Barry Eggers, managing partner, Lightspeed Venture Partners. “The company has consistently demonstrated solid performance and we believe its technology leadership will continue to drive its growth and success.” MapR generates most of its revenue from its Converged Data Platform, which augments the core components of Hadoop with other open-source tools and proprietary enhancements. MapR recently bolstered its portfolio with a home-grown data store designed to ease large analytics projects. Dubbed MapR-XD, the system enables companies to aggregate records from disparate systems into a unified environment so that they can be processed centrally. The company’s clients include American Express Co., Cisco Systems Inc. and Audi AG. Its software also powers Aadhaar. MapR’s other existing investors include Google private equity arm CapitalG, Mayfield, NEA, Qualcomm Ventures and Redpoint Partners. Despite their support, MapR’s intention of an IPO is taking longer than originally expected. In March, MapR reportedly hired investment bankers to pursue its listing process but didn’t get out before its larger rival.
After raising a total funding of $194 million, MapR Technologies Inc. has secured another $56 million in an equity round of funding led by Lightspeed Venture Partners, the company said in a press release. “The funds will be used to continue product innovation of the industry’s first modern enterprise platform for all data, accelerate country […]
After raising a total funding of $194 million, MapR Technologies Inc. has secured another $56 million in an equity round of funding.
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Priya Singh leads the editorial team at AIM and comes with over six years of working experience as a journalist across broadcast and digital platforms. She loves technology and an avid follower of business and startup news. She is also a self-proclaimed baker and a crazy animal lover.