Australia's Future Fund leads round for US-based MapR
Australia’s Future Fund has led a $50 million round of funding for US-based big data services company MapR Technologies.
According to a statement, the investment also includes participation from existing backers Google Capital, Lightspeed Venture Partners, Mayfield Fund, New Enterprise Associates, Qualcomm Ventures and Redpoint Ventures. Google contributed $80 million to the company's $110 million round in 2014. It has raised $194 million in equity to date.
MapR offers enterprise-grade services in data storage, database management and event streaming via a platform based on Hadoop and Spark application framework software. Its Asia Pacific footprint includes regional headquarters in Singapore as well as bases in Japan, Korea and Australia. An IPO is understood to be in the planning stages although no details have been disclosed.
"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 at Lightspeed. "The company has consistently demonstrated strong growth over several years and we believe its technology lead will continue to drive its success."
MapR claims its customer bookings increased by 100% during the second quarter of the current financial year. It has recorded a customer retention rate of 99%; clients include American Express, Audi, Mizuho Bank, NTT and Philips,
Demand for the service has been connected to the lower IT costs and additional revenue streams generated by unifying customers' data under a single converged architecture. Other recent investment in big data companies exploiting Hadoop and Spark includes a RMT155 million ($23 million) round of funding for China's Transwarp Technology and a $!0 million commitment led by DCM Ventures for Chinese software company SequoiaDB.
Upon its founding in 2006 Future Fund received contributions from the Australian government of A$61 billion ($47 billion). The sovereign wealth fund is targeted to reach A$140 billion in size by 2020 to help to government meet the cost of public sector superannuation liabilities.
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