HANGZHOU, China, Dec. 15, 2020 /PRNewswire-PRWeb/ -- The developer of the Nebula Graph™ database, vesoft Inc., today announced it raised an additional $10 million in venture capital funding in a series pre-A+ funding round. Source Code Capital was the lead investor. Previous investors Matrix Partners China and Red Point China Ventures also contributed to this round. The graph database solution has now landed $18 million in funding in 2020.
The previous $8 million in funding was secured in June 2020. Then, the lead investor was Redpoint China Ventures and Matrix Partners China contributed too. Matrix Partners China had also previously contributed as an angel investor. The funding will be used for continued product development and to also bring Nebula Graph to market in North America and Europe, including as a cloud service. Nebula Graph currently has many large customers throughout Asia.
Nebula Graph was developed to disrupt the big data market. It provides the highest performing graph database specifically for the needs of the largest organizations with the largest datasets in the world. Nebula Graph empowers data scientists, CTOs, CIOs, and others to store and process billions of data points with trillions of relational connections. This is a capability previously not possible in other solutions without crippling performance penalties.
"The large potential behind big data still remains untapped in many cases," said Sherman Ye, CEO, and founder of vesoft, Inc. "It is trapped within the world's largest datasets because available technology has been limited in performance to decipher its potential. Nebula Graph is specifically designed to unleash that hidden intelligence with high performance. We're excited this new funding will help foster Nebula Graph's continued strong growth."
"When communicating with entrepreneurs from different sectors, we noticed that companies of today are increasingly eager to discover values from the huge amount of relational connections, trying to draw lines and form graphs among people, goods, digital contents, locations, devices, words, neurons, atoms, etc.," said Runze Chen from Source Code Capital. "A graph database can provide native support for those demands, and a more advanced one will be needed when companies try to deal with huge amounts of complex relations in real-time operations. The vesoft team has very rich experiences in graph databases. They have proved themselves by developing a state-of-the-art graph database for the most challenging business scenarios. And now, they are on a new journey to develop the next-generation cloud native and high-performance graph database, Nebula Graph. We hope Nebula Graph can help more and more customers to take full advantage of their accumulating datasets."
"Graph databases are one of the fastest growing product types in the database industry," commented Kevin Xiong, the partner at Matrix Partners China, on why they continued investing in vesoft Inc. "Meanwhile, it is the inevitable trend for graph databases to go from single-node to distributed-mode. As an open-source distributed graph database solution, Nebula Graph has been adopted and battle tested by many Internet companies such as WeChat, Meituan, Xiaohongshu, and Zhihu in their production environment. The product has been expanding very fast. We are very positive about the long-term development of vesoft Inc. and are looking forward to it becoming the leading open-source infrastructure in the world thanks to its adoption in first-class business scenarios in China, the world's biggest market."
"We are very glad to see that, after less than half a year since Redpoint China Venture led the Pre-A round funding, vesoft Inc. once again has gained the support from other venture companies," said Liu Lan, principal of Redpoint China Ventures. "Graph databases are a significant racing track in the data digitization tide, and it will play an important role in the decision-making process for companies. vesoft Inc. has been a leader of startups from the very beginning. During the past few months, the team has been working efficiently to deliver an excellent product and the product has been deployed in business scenarios of top internet companies very quickly. By steadily conquering industry leading companies as customers, vesoft Inc. has kept a leading position in this field. We speak highly of the team's development and implementation capability and continue investing in vesoft Inc. We look forward to its fast development and a better future."
About the Database Market
Graph databases are disrupting the near $50 billion market for the traditional Relational Database Management System (RDBMS). This is because large organizations today require big data and business analytics exceeding RDBMS capabilities.
Funding for graph databases like Nebula Graph has been strong. Graph databases are different from RDBMS databases because they store deep relationship characteristics about data within data itself. A graph database is capable of efficiently managing millions of transactions or more to uncover how data sets relate to each other. They essentially remove the six degrees of separation that exists within scattered data to uncover intelligence hidden within.
About Nebula Graph
Nebula Graph is an open-source graph database that is now commercially available. It was developed by vesoft Inc. engineers that collectively have many years of leadership experience at some of the world's most recognizable technology companies, such as Alibaba, Facebook, Huawei, and IBM.
The database is ideal for a CIO seeking to uncover the value of connected business data. Data Architects are another ideal user, who typically look to process connected data cost-effectively. Finally, Data Scientists will find it useful to explore the value buried in connected data. There are many markets that have large amounts of information that is meaningless stored in separate silos. Nebula Graph is ideal to mine and uncover meaningful relationships in such information.
About vesoft Inc.
VEsoft Inc. has created Nebula Graph, the world's most capable database for big data analytics discovery. Nebula Graph provides an industry-best capability of storing and handling billions of vertices and trillions of edges, with just milliseconds of latency. Its shared-nothing deployment architecture, removing any single point of failure and allowing fast recoveries, enables the industry's best business continuity. The company has secured series pre-A funding of $8 million with investors Redpoint China Ventures and Matrix Partners China. To learn more, visit https://nebula-graph.io/.
About Source Code Capital
With USD $ 1.5 billion and RMB 8.8 billion under management, Source Code Capital has been successfully partnering with around 200 leading technology founders since inception in 2014. Source Code Capital invests across both early and growth stages, with a focus on Internet+, AI+, and Global+ within sectors such as media and entertainment, consumer services, enterprise, finance, retail, transportation, housing, education, and healthcare. Portfolio companies of Source Code Capital include: Ke Holding Inc.; Li Auto, NIU Technologies, Meili Inc., Qudian, and others. For more information, visit https://sourcecodecap.com/.
About Redpoint China Ventures
Redpoint China was launched in 2005 focusing on early-stage investments in enterprise IT services, frontier-tech, and consumer Internet opportunities in China. Redpoint China has invested in more than 80 companies, including Qihoo 360, iDreamSky, Domob, APUS, Bangcle and Qutoutiao. Since its inaugural China focused fund in 2016, Redpoint China Ventures has become an independent platform with headquarters in Shanghai and branch offices in Beijing and Shenzhen. Currently, the firm manages close to $1 billion across multiple funds in both USD and RMB denomination. For more information visit: http://www.rpvchina.com/.
About Matrix Partners China
Matrix Partners China, an early-stage Venture Capital firm in China which founded 12 years ago. During the past decade, comprehensive performance of our fund is consistently among the top. Matrix Partners China is the early-stage investor in many newly listed companies such as Lixiang (electric vehicle), Xiaopeng (electric vehicle), Peijia (medical instruments). Matrix China has also invested in many great companies: Didi (ride sharing), Ele.me (food delivery), Guazi.com (secondhand auto marketplace), Momo (social), Yuanfudao (online education), VIPKID (online education), FUTU (fintech), etc.
Matrix Partners China combines local knowledge with global experience and vision. Matrix Partners China is committed to building long-term relationships with outstanding entrepreneurs and helping them build significant, industry-leading companies. For more information visit: https://matrixpartners.com.cn/index.php/en/.
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Media Contact
Jamie Liu, vesoft, Inc., +86 18268192008, [email protected]
Rafael Larin, Emissary Communications, [email protected]
SOURCE Nebula Graph
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