Graph databases advance: TigerGraph announces $32 Million Series B Funding plus cloud-based platform
Graph databases have been the hottest area of data management for a while now. Today, this landscape shifts once again in the last few months.
Breaking news, years in the making. That’s how we would describe today’s dual announcement by graph database startup TigerGraph. TigerGraph, which came out of stealth in 2017, but has been in the works since 2012, has been making strides.
Today TigerGraph announced the general availability of TigerGraph Cloud, dubbed the first native graph database-as-a-service, as well as $32 million in Series B funding. The investment, led by SIG, will boost TigerGraph’s global expansion, which TigerGraph notes is fueled by TigerGraph Cloud. This market is estimated to be worth more than $6 billion in 2022.
$32 million is a hefty amount, but it’s not the biggest we’ve seen in this space. A few months ago Neo4j scored $80 million in Series E funding. We’ve also seen Dgraph score $11.5 million to pursue its unique and opinionated path. And, hint, we do expect more funding news to be breaking soon. This breaks down to a couple of things.
First, there is substance beyond hype in graph databases. VCs are not in the habit of repeatedly opening their wallets to chase windmills. The total amount of investment in the last 12 months is in the area of $150 million. This may not sound like much compared to other red-hot technology areas, but do expect to see investment grow even further.
Besides, this only represents a fraction of the overall effort dedicated by vendors evolving their products, users building applications, researchers advancing the state of the art, and marketers spreading the word. This space really is booming, the Gartners of the world have taken note, and this is just another affirmation.