TigerGraph Carves a New Niche with $32 Million Funding, Market Expansion and Latest Product Launch
In a series of announcements that are backed by customer growth and unprecedented revenue boost, TigerGraph announced the general availability of TigerGraph Cloud, a new funding round worth $32 million. These are marked with new footprints in Europe with expansions in offices and senior leadership. As part of the expansive drive in its Operations, TigerGraph announced the appointment of Martin Darling as GM for EMEA and Zeljko Dodlek as director of sales for DACH. The company also announced the opening of new offices in Munich, Germany.
From the podium of ongoing Strata Conference, TigerGraph also released a free tier of TigerGraph Cloud that enables data scientists, developers, business analysts, students, and other enthusiasts to experience this technology’s unique power to handle real-world data challenges.
TigerGraph Cloud is the culmination of TigerGraph’s years of experience delivering and managing clusters on the Cloud – now with the convenience of a pay-as-you-go model.
TigerGraph brands itself in the Big Data Management and Analytics as a pioneer and the fastest-growing provider of native graph database-as-a-service. The $32 million in Series B funding led by SIG, is seen as a major boost to TigerGraph’s continued global expansion, fueled by the availability of TigerGraph Cloud and its massive appeal to companies. The customers are targeted based on those who are seeking a fast, easy way to harness the power of the graph, in a market estimated to be more than $6 billion in 2022.
At the time of this announcement, Yu Xu, CEO and founder, TigerGraph, stated —
“Today’s vast amount of data, together with increasingly powerful processing capabilities enabled by the cloud, means it is now possible to ask complex questions across complex data, which is not always practical or even possible at scale using SQL queries. The funding will fuel a new wave of growth and expansion for TigerGraph to make deep link analysis accessible to virtually every organization in the world and help users unleash the power of interconnected data.”
Build Analytics and Transaction Applications Faster With TigerGraph Cloud
TigerGraph Cloud provides users with the ideal cloud-based service to model, search, and traverse relationships for analytic, transactional, and real-time workloads. Simple SQL-like querying and unmatched scalability, to find patterns, make predictions, perform real-time transactions, and gain new insights, will now be accessible to everyone.
With TigerGraph Cloud, users can scale their graph solution up to tens of terabytes and support more than 100,000 real-time deep link analytics queries per second on a single machine. TigerGraph Cloud is running on the new TigerGraph 2.5 which features a new Spark connector, pattern matching, and more built-in data processing functions. TigerGraph Cloud delivers:
- TigerGraph Cloud forgoes the need to set up, configure or manage servers, schedule backups or monitoring, or look for security vulnerabilities.
- Elastic pricing. Users only pay for hours they use and are billed on a monthly basis–whether they’re spinning instances for a few hours, or running mission-critical workloads for production.
- Application Starter Kits – an industry first. TigerGraph Cloud offers more than a dozen out-of-the-box starter kits for fast application development – for use cases such as customer 360, fraud detection, real-time recommendation, enterprise knowledge graph, machine learning, explainable AI, and many more.
Continued Growth Marks Acceleration into New Markets and Increasing Global Employee Count in New Regions
Earlier this year, TigerGraph announced 300% increase in their 2018 revenue, in addition to 400 percent growth in new customers’ accounts, including the 3 largest banks in the world, along with the addition of others such as Intuit, Zillow and VISA. The company also grew by 67 percent in its headcount globally, marked by strategic hiring of Dr. Alin Deutsch as Chief Scientist, and Gaurav Deshpande as VP Marketing.
Today, TigerGraph Cloud is disrupting the market for Graph databases — the fastest-growing category in all of data management.
Since seeing early adoption by companies including Twitter, Facebook and Google, graphs have evolved into a mainstream technology used today by enterprises in nearly every industry and sector. By organizing data to handle highly connected data, graph databases can quickly process data and relationships at scale, which break down for relational data databases. Graph data stores can change schemas online, continuing to serve queries.
TigerGraph is already delivering the next stage in the evolution of the graph database, which has fast-growing competitors like neo4j, Reltio, LexisNexis, Actian and Objectivity.
TigerGraph’s Native Parallel Graph™ (NPG) design focuses on both storage and computation, supporting real-time graph updates and offering built-in parallel computation, which delivers analytical and transactional workloads on the same system.
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During 2019, TigerGraph has hired additional engineering, sales and support staff; tripling its headcount across the region to meet growing demand. The European expansion is also accelerating with new partnerships ranging from global consultancies such as Accenture, Deloitte and PWC to big data specialist including Lisbon headquartered Bi4all, London based 6POINT6, and Solution AG, based in Zug, Switzerland and new customers including OpenCorporates and Kickdynamic.
Why Enterprises Need Graph Databases Such as TigerGraph?
Relational databases can’t analyze interconnected data, which has hampered the development of next-generation applications for healthcare, pharmaceutical, financial services, technology, manufacturing, and government. Graph database and analytics is the way forward; in fact, everyone has been using it every day in Google Search and Facebook’s social graph. However, the ability for organizations to design their own solutions for graph-based data analysis has been limited specialists — data scientists, developers, and architects — while business users and others have been shut out due to the complexity of many graph database and analytics offerings.
TigerGraph Cloud solves this issue with an easy-to-use, cloud-based graph database as a service built for agile teams that would rather be building innovative apps than configuring and managing databases.
In just five minutes and by following three easy steps, TigerGraph Cloud users can get started configuring a graph-based solution. They can build a complete proof of concept in mere hours from one of more than 12 TigerGraph Starter Kits that cover real-world use cases such as customer 360, fraud detection, personalized real-time recommendation, hub or influencer computation, and supply chain analysis, that are often the basis for artificial intelligence and machine learning applications.
Gabriele Corti, Chief Product Officer, Kickdynamic, explained about the experience of working with Graph Databases.
“At Kickdynamic, we know that compelling, individualized experiences are the most effective way to create customer loyalty and drive revenue. Having tried various other solutions, we found that TigerGraph offered the best combination of performance and advanced, real-time, analytical capabilities. TigerGraph’s scalable graph database will enhance our platform and enable us to continue to achieve our vision of delivering advanced personalization in email.”
TigerGraph fulfills the true promise and benefits of the graph platform by tackling the toughest data challenges in real-time, no matter how large or complex the dataset. TigerGraph’s proven technology supports applications such as fraud detection, customer 360, MDM, IoT, AI and machine learning to make sense of ever-changing big data, and is used by customers including Amgen, China Mobile, Intuit, Wish and Zillow, along with some of the world’s largest healthcare, entertainment and financial institutions.