Vesoft inc, the company that developed open-source NebulaGraph has raised finance in a Series A funding round led by Jeneration Capital. It previously raised $8 million in a pre-A funding round led by Matrix Partner China, Redpoint China Ventures, and Source Code Capital, who also participated in the full Series A round. Nebula Graph did not reveal the full amount raised but claimed it is in the tens of millions.
Sherman Ye, the founder and CEO of NebulaGraph, said: “Thanks to the in-depth understanding of industrial scenarios, the transformative value of our products, and the surging demand in graph technology, NebulaGraph is well-positioned to capture future growth opportunities.”
Now with better backing, the company intends to expand internationally and bring NebulaGraph to a wider audience. The company already has hundreds of customers, mainly in its home nation, China. They include well-known brands such as Tencent, WeChat, Vivo, Meituan, JD Digits, and Kuaishou.
Tencent compared NebulaGraph with two other Graph Database solutions, Neo4j and HugeGraph. The article has a balanced view but the authors closed by saying: “After comparing multiple widely adopted open source graph databases and taking into consideration of factors such as performance, learning curve, and fitness to the business scenarios, the Tencent Cloud Security team has finally selected NebulaGraph, a highly performant and easy-to-use graph database.”
The funds will also help to develop the product with further investment in R&D. It aims to enhance product performance for its cutting-edge graph technology. Earlier this year it announced v3.0.0, which improved performance, simplified management and monitoring, and significantly enhanced scalability.
NebulaGraph has become its international outreach, it recently joined the Linked Data Benchmark Council (LDBC) as an organizational member. LDBC is a non-profit organization aiming to define standard graph benchmarks to foster a community around graph processing technologies. It includes sponsor companies such as Ant Group, Oracle Labs, Pometry and TigerGraph, with other Graph database companies such as neo4j and Katana graph. It also welcomes academia and individual members. It aims to participate in the development of the forthcoming International Standard Language for property graph querying.
Enterprise Times: What does this mean?
While it is unusual for companies not to reveal the total amount of funding, NebulaGraph shared that this was part of the funding agreement. However, tens of millions are still significant, even if it is well below the $105 million that TigerGraph raised in February 2021 and the $325 million that Neo4j raised in June 2021.
What NebulaGraph will also hope to achieve is to appear on analyst reports such as Gartner and Forrester. It will also need to expand its reach beyond China. Whilst it is recruiting, all the posts are within China. Will it look to open an international office or offices within the US, Europe or APAC, such as Singapore or Australia? It will be interesting to see how this company expands further. Can it start to compete with its better-known rivals on the international stage?