Feeds

MongoDB slurps $150m in mammoth funding round

$1.2bn valuation makes NoSQL database worth more than MySQL

Boost IT visibility and business value

Database upstart MongoDB has slurped $150m of filthy valley lucre to fund development of the NoSQL database in a sector dominated by the lumbering giants of Oracle, IBM, and Microsoft.

The huge funding round was announced on Friday. Salesforce*, EMC and Altimeter Capital participated, along with existing investors Intel Capital, NEA, Red Hat, and Sequoia Capital.

MongoDB is a non-relational document-oriented database that has seen widespread developer uptake by young startups and (some) enterprises.

It has high availability through replicated servers with automatic master failover, automatic sharding for load balancing, and server-side JavaScript execution for built-in MapReduce querying.

With this round, the company has taken in $231m of funding to date. The deal values the company at $1.2bn, according to two people familiar with the matter who spoke to El Reg but wished to remain anonymous.

By comparison, Sun paid $1bn for relational database MySQL in 2008, at a time when MySQL was far more established – it claimed 50,000 copies of the database a day were being downloaded versus MongoDB's claim of 5m downloads over its multi-year lifetime. Based on conversations with sources familiar with the company we also believe MySQL was making significantly more money at the time of its acquisition than MongoDB made in 2012.

We asked MongoDB chief Max Schireson what he made of the whopping valuation, and without confirming the number he said: "If you look at a lot of public companies from Workday to Splunk to Tableu that are growing quickly I think people are valuing those companies on the public market based on the market size, the leadership, and the growth rates".

The gist is that MongoDB is growing like a weed, and the big money should come later. So why does the company even need $150m?

"We're competing with products that have over 30 yrs of development in them [they are] extremely mature, extremely feature rich," Schireson explained.

The company will use the funding to work on its query optimizer, enhance security and auditing, add more to the storage engine and try to implement multi-statement transactions within the same shard. It is also investigating adding in an eventual consistency approach for writing concurrent updates in multiple data centers.

"We would like to build a general purpose document oriented database," Schireson says, and points to recent partnerships with IBM for DB2 compatibility and Azure for MongoDB in the cloud as examples of how the company is spreading its tendrils throughout the industry. ®

* Salesforce said in June that it would use Oracle's software and hardware across its products. This investment shows that Benioff & Co are hedging that bet.

Build a business case: developing custom apps

More from The Register

next story
KDE releases ice-cream coloured Plasma 5 just in time for summer
Melty but refreshing - popular rival to Mint's Cinnamon's still a work in progress
Leaked Windows Phone 8.1 Update specs tease details of Nokia's next mobes
New screen sizes, dual SIMs, voice over LTE, and more
Mozilla keeps its Beard, hopes anti-gay marriage troubles are now over
Plenty on new CEO's todo list – starting with Firefox's slipping grasp
Apple: We'll unleash OS X Yosemite beta on the MASSES on 24 July
Starting today, regular fanbois will be guinea pigs, it tells Reg
Another day, another Firefox: Version 31 is upon us ALREADY
Web devs, Mozilla really wants you to like this one
Secure microkernel that uses maths to be 'bug free' goes open source
Hacker-repelling, drone-protecting code will soon be yours to tweak as you see fit
Cloudy CoreOS Linux distro declares itself production-ready
Lightweight, container-happy Linux gets first Stable release
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.