Only have 1 minute? Here are 3 key takeaways from the piece:
• Greek database startup TileDB raised $34 million in its Series B funding round.
• Notable investors in this round include AlleyCorp, Lockheed Martin, Intel Capital and Βig Pi Ventures.
• TileDB specializes in a universal data engine that enables users to access, analyze, and share complex data with great flexibility.
The Greek company’s main products are an open-source storage engine and a cloud-based data management platform. Founded in 2017, TileDB’s universal database uses multi-dimensional arrays to model and store any type of data on any backend and analyze it with any programming language and tool.
The company will now use the latest funding to further develop its database, increase the range of its customers, and expand its team in the following 18 months. According to TIleDB’s founder Stavros Papadopoulos, the goal is to make TileDB the next Oracle and follow a similar course of development.
“All companies and organizations produce a large amount of data, which they want to process quickly to make critical decisions or even make scientific discoveries. Our platform can process complex and different types of data, which traditional databases cannot achieve,” Papadopoulos, whose past experience includes working for Intel and being a researcher at MIT, told Greek media.
TileDB’s data engine essentially brings all of the data together in one system, giving businesses the ability to analyze and process it quickly and without unnecessary costs.
”Such technology contributes to the acceleration of drug discovery and production, the rapid collection and analysis of data for the construction of fighter aircraft, etc. Hospitals also use our technology to detect if a newborn has a genetic disease. Six years ago we started a colossal, almost impossible project, but now we can say that it is starting to become a reality,” Papadopoulos further adds.
In 2021, the company got two strategic investments from Silicon Valley-based Lockheed Martin and Japanese NTT Docomo Ventures. Without disclosing the amounts of the investments, back then TileDB said that the funding would be used to develop their universal database and continue work on key projects.