TigerGraph, a California, US-based startup that provides a graph analytics platform, has raised $105 million in a Series C round of financing that has brought its total funding amount to over $170 million.
The new financing round was led by Tiger Global. The company claimed this to be the biggest investment in the graph database and analytics market to date in its statement on Thursday.
“TigerGraph is leading the paradigm shift in connecting and analyzing data via scalable and native graph technology with pre-connected entities versus the traditional way of joining large tables with rows and columns,” said TigerGraph founder and CEO Yu Xu.
“This funding will allow us to expand our offering and bring it to many more markets, enabling more customers to realize the benefits of graph analytics and AI (aritificial intelligence),” he said. The startup already has a presence in China and is opening offices in Singapore and Indonesia.
TigerGraph’s solutions and services leverage “graph technology,” which are translations of the relational databases that offer clients the opportunity to shrink development cycles for data preparation, improve data quality, identify new insights such as similarity patterns to deliver action recommendation.
Based on its distributed native graph database, its technology supports advanced analytics and machine learning applications such as fraud detection, anti-money laundering (AML), entity resolution, customer 360, recommendations, knowledge graph, cybersecurity, supply chain, Internet of Things (IoT), and network analysis.
Tap into virus-induced new demand
The Series C round comes as the COVID-19 pandemic has accelerated the digital transformation of many companies, creating an urgent need to explore new data-driven insights about their customers, products, services, and suppliers. Globally, graph technologies are projected to facilitate rapid contextualisation for decision-making in 30% of organisations worldwide by 2023, according to Gartner.
The startup said that it has experienced “massive growth,” as its revenues and customers have more than doubled over the past year.
“The Asia Pacific digital economy continues to grow and we are seeing increased regional demand,” said TigerGraph COO Todd Blaschka. “Our mission is to help governments, businesses and people to unlock the power of their data and drive actionable, real-time insights-driven decision-making.”
The firm already works with major banks and telcos in Asia, enabling them to analyse customer behaviour and prevent fraud. Its initiatives in the region will be led by Joseph Lee, an enterprise software sales and business veteran, as vice president, Asia Pacific and Japan.
TigerGraph will use the funding for product innovation and development to better support its customers, including TigerGraph Cloud on Google Cloud Platform, which is expected to be available in the market in March 2021. It will also further multi-region support on Amazon’s AWS and Microsoft’s Azure.
Besides the planned new office establishment in Singapore and Indonesia, it is expanding its global reach with local support in Asia and Australia/New Zealand. Meanwhile, the company plans to scale up with additional hiring in America, EMEA, and APAC to meet increased product demand.
TigerGraph had announced the completion of a $32-million Series B round led by SIG in September 2019. In September 2017, it had secured $31 million in a Series A round from investors including Baidu, Ant Group, AME Cloud, Morado Ventures, and Zod Nazem.