California-based TigerGraph raises SGD 105 million in Series C funding; the largest funding round to-date within the graph database and analytics market – and they are looking for tech talent from everywhere…
The round was led by Tiger Global and brings TigerGraph’s total funding raised to over SGD 170 million. TigerGraph COO Todd Blaschka says it already has a presence in China and claims offices will open in Singapore and Indonesia soon.
“The Asia Pacific digital economy continues to grow and we are seeing increased regional demand. To tap this potential and to better serve our customers in the region, we will be opening offices in Singapore and in Indonesia. TigerGraph’s initiatives in Asia will be led by Joseph Lee, an enterprise software sales and business veteran, as Vice President, Asia Pacific and Japan. We are expanding at the speed of business and are actively hiring for key positions in Asia. 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,” says Blaschka.
According to Blaschka, TigerGraph already works with the top four largest banks in Asia helping these customers across areas such as Real-time Fraud Detection, Anti-Money Laundering, Credit Risk Assessment, and Customer 360 Analysis.
“We also work with key telcos in the region, enabling them to analyse customer behaviour and prevent fraud,” says Blaschka.
Blaschka claims the investment reflects TigerGraph’s growth and the massive potential as businesses continue to move to the cloud. With the transactional and analytical workloads moving to the cloud made possible by companies like Snowflake, Confluent, and Databricks, Blaschka claims TigerGraph is quickly becoming the graph database of choice to connect, analyze and learn new insights from the data.
With its distributed native graph architecture, TigerGraph promises to help organizations scale fast, analyze many different aspects of data to be used with each other to form new models and generate new insights. The company claims these new patterns and insights enhance an organisation’s analytics or machine learning capabilities and can be deployed anywhere with multi-cloud flexibility and support the data security requirements for regulatory compliance.
Over the past 12 months with the COVID-19 pandemic, companies have embraced digital transformation at a faster pace driving an urgent need to find new insights about their customers, products, services, and suppliers.
Graph technology connects these domains from the relational databases, offering the opportunity to shrink development cycles for data preparation, improve data quality, identify new insights such as similarity patterns to deliver the next best action recommendation.
Data-driven solutions require intelligent apps and connected data that leverage powerful graph engines to connect, analyze and learn from the data companies are storing in the cloud. These events helped TigerGraph experience massive growth, with Blaschka claiming more than doubling revenues and customers over the past year.
According to Gartner VP Analyst Mark Beyer, by 2023, graph technologies will facilitate rapid contextualization for decision making in 30 percent of organizations worldwide. According to Beyer, “To Graph or Not to Graph is not the question – you will graph”.
Beyer argues that organizations of all sizes are adopting Graph-based analytics and AI by leveraging the relationships in the connected data to drive better outcomes.
TigerGraph Founder and CEO Dr Yu Xu says he is galvanizing the graph and AI community, organizing the first open industry Graph + AI Conference featuring presentations by innovators including UnitedHealth Group, Jaguar Land Rover, Intuit, Intel, Xilinx and Accenture.
According to Dr Yu Xu, TigerGraph is deeply involved and on the steering committee for the development of the Graph Query Language standard, GQL along with other database vendors such as Oracle and Neo4j, and will enthusiastically support the GQL standard immediately upon finalization.
“For over 40 years, business’s number one data management challenge has been how to easily ask business questions across all of their data in real-time to guide their operations. The human brain connects data to derive new insights and helps us decide what to do next. Our mission is to power an enterprise brain with graph and AI that discovers these new insights within the enterprise data stored in the cloud and on-prem. We are 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. 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,” says Dr Yu Xu.
According to Dr Yu Xu, the company will use the funding for product innovation and development to better support its customers, including TigerGraph Cloud on Google Cloud Platform (available March 2021), plus further multi-region support on AWS and Azure. It is also expanding its global reach with local support in Asia and Australia/New Zealand. Meanwhile, the company says it plans to scale up with additional hiring in the Americas, EMEA, and APAC to meet increased product demand.
(TigerGraph says it is hiring in every department – click here to apply. The company is headquartered in Redwood City, California, USA. Featured image by Photographer Brayden Law.)