Graph analytics platform TigerGraph said Wednesday that it has raised $105 million in a new round of funding.
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TigerGraph, which is based in Redwood City, California, operates a platform for analytics and machine learning on a variety of data. Customers use TigerGraph to analyze different sources of data and gain insights, according to the company.
For example, a publication could use graphing technology to tell how many readers it has in one region, and what other publications those readers visit. Or, as CEO Dr. Yu Xu pointed out, Twitter uses graphing technology to recommend accounts to follow.
“Where this really strikes a really strong support and value for companies today is for machine learning and artificial intelligence applications,” TigerGraph chief operating officer Todd Blaschka said in an interview with Crunchbase News. “Most of those applications require identifying patterns, finding similarities, and being able to use that data in a meaningful way for the next generations of technologies.”
The company competes with businesses like Neo4j, Dgraph Labs, and ArangoDB, according to Owler. With the new funding, TigerGraph becomes one of the best capitalized companies in the space, after Neo4j, which has raised $190 million, per Crunchbase.
Fitting for a company named TigerGraph, Tiger Global Management led the round, which brings the company’s total funding to more than $170 million. The company last raised a $32 million Series B led by Susquehanna International Group in September 2019, according to Crunchbase.
TigerGraph, which was founded in 2012 and came out of stealth in 2017, will use the funding for product innovation and hiring more employees in the Americas, EMEA, and Asia Pacific.
“We’re going to make the no-coding and low-coding much easier for graph databases so we can open the door for first time graph users,” Xu said.
In the past year, the company has more than doubled its revenue and number of customers, which includes the likes of Jaguar Land Rover, Citrix, and Intuit. The COVID-19 pandemic and the digital transformation many companies have been pushed to adopt has helped steer companies toward more sophisticated analytics.
“The digital transformation has been a big factor with the pandemic changing how companies are interacting with their customers, whether that’s through supply chain, whether that’s through credit card or marketing, knowing your customer, all these aspects have changed companies,” Blaschka said.
Illustration: Li-Anne Dias
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