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Croatian graph database startup Memgraph announced that it raised €8M in its most recent seed investment round, with the likes of Microsoft’s investment fund M12 investing in the company.
Other investors included San Francisco-based Heavybit Industries, US venture capital fund In-Q-Tel, New York-based Counterview Capital, and Spanish venture capital firm Mundi Ventures.
Founded in 2016 by software engineers Dominik Tomicevic and Marko Budiselic, Memgraph makes creating real-time streaming graph applications accessible to every developer and lets them stream data from anywhere, build in-memory dynamic graphs, and deploy real-time applications.
With its product, the company has helped thousands of developers and engineers with the use of graph theory, which is a branch of mathematics concerned with networks of points connected by lines.
In the pipeline: Boost R&D and grow the team
The company will use the fresh investment to accelerate its research and development department. This month, the company also launched a new version of its product, called Memgraph 2.0, which is available as an open-source tool.
“Primarily, the funding will be used to accelerate our R&D, as the newly introduced Memgraph 2.0, with its Memgraph Community Edition (MCE), is available under a Business Source License, meaning it’s free and open for a variety of use cases-even commercial.” Memgraph’s Chief Operating Officer Marko Srsan tells The Recursive.
According to the company’s CEO Tomicevic, Memgraph 2.0 will enable all developers to stream, graph, and build in minutes. “Memgraph 2.0 gives developers the ability to wrangle all of their data sources and build graph-based applications on top of their streaming data,”, Tomicevic said in a statement after the launch of the latest version.
“Analytics capabilities that were once exclusive to tech giants are now accessible across industries with Memgraph. We’re proud to lead their latest funding round and support the democratization of smarter business insights ,” Matthew Goldstein, Microsoft’s M12 managing director, and UK Lead, said in a press release.
Memgraph has so far raised €15.6M over six rounds, and will also use some of the funds to expand its growing team.
“Second, we will use this funding to grow our Memgraph team, as we already have developers from Croatia, Serbia, Hungary, Greece, and the Netherlands,” Srsan tells The Recursive.
Regarding its technology, Memgraph is on the mission to bring developers battle-tested algorithms like PageRank or Community Detection without hiring a Ph.D. or 10 data scientists, the company says.
“Memgraph developers are now able to build apps on top of those results: dashboards, visualizations, permission modeling, recommendation and fraud detection systems, and more,” Srsan concluded.