MapR Closes $50 Million in Funding, Total at $194 million in Equity to Date100% increase in quarterly bookings over prior year, looking to IPO
This is a Press Release edited by StorageNewsletter.com on 2016.08.10
MapR Technologies, Inc. announced an equity financing of $50 million.
The additional funding accompanies yet another consecutive record quarter.
The company continued to advance at a rapid pace in Q2, with more than a 100% increase in bookings over prior year. Licenses and support agreements for its Converged Data Platform represented 90% of total bookings, reinforcing the value of the enterprise software business model.
With multiple software license transactions of more than $5 million from new and existing customers, the company continues to demonstrate the demand for enterprise-grade and real-time features of a converged data platform.
Additionally, MapR reported a customer retention rate of 99% and a dollar-based net expansion rate of 143%.
New and expanded customers in Q2 include American Express, Audi, Ericsson, JLL, Mizuho Bank, NTT, Philips, Qualcomm, and Rubicon Project.
"Demand for the MapR Converged Data Platform continues to grow as it enables customers to lower IT costs by unifying data into a single platform and simultaneously drive innovative applications to generate new revenue streams," said Matt Mills, president, MapR. "MapR addresses the transition of on premise to cloud computing by unifying all data within a single converged data architecture."
"Our ongoing momentum is fueled by a world-class team that is driving innovation and growth across every facet of our organization," said John Schroeder, founder and CEO, MapR. "This new funding strengthens our balance sheet as we look ahead to an initial public offering."
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 financing, MapR has raised a total of $194 million in equity to date.
"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, 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."