MapR Closes $50 Million in VC Funding for Its Data Platform

MapR Technologies, which lays claim to providing the IT industry’s only converged data platform, revealed Aug. 9 that it has landed new equity financing totaling $50 million.

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.

With this new round of financing, MapR has raised a total of $194 million in equity to date.

The additional funding accompanies a record financial quarter, the company said. MapR continued to advance its business at a rapid pace in the second quarter, with more than a 100 percent increase in bookings over prior year. Licenses and support agreements for the MapR Converged Data Platform represented 90 percent of total bookings.

MapR’s data platform is like a new traffic cop at the intersection of batch analytics, real-time data flow processing and new-gen enterprise storage. That’s a pretty good place to be standing, considering that many major IT trends now touch all of those components.

MapR converges enterprise data-in-motion with data-at-rest to enable complete administrative control. No other platform provider offers this capability at this time.

With multiple software license transactions of more than $5 million from new and existing customers, MapR has demonstrated the strong demand for enterprise-grade and real-time features of a converged data platform.

Additionally, MapR reported a customer retention rate of 99 percent and a dollar-based net expansion rate of 143 percent. New and expanded customers in Q2 include American Express, Audi, Ericsson, JLL, Mizuho Bank, NTT, Philips, Qualcomm and Rubicon Project.

“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 of 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.”