California-based leading graph analytics services provider, TigerGraph Inc., has reportedly secured USD 105 million in a Series C funding round which was led by Tiger Global Management LLC, an American investment firm.
Being known as the largest funding round in the graph database and analytics industry, the fresh investments have brought TigerGraph’s total funding to around USD 170 million.
For those unversed, TigerGraph helps enterprises scale fast and analyze several aspects of data to develop new models as well as generate critical insights. These advanced insights assist in enhancing an enterprise’s machine learning or analytics capabilities, which can be implemented on several platforms and are also regulatory compliant.
The company is planning to use the funds towards product development and innovation to add better value to its customers, including the much-awaited release of TigerGraph Cloud on the popular Google Cloud Platform and multi-region support on Microsoft Azure as well as AWS.
TigerGraph also intends to expand its global reach using local support in Asia as well as in Australia/New Zealand, while scaling up its hiring process across the globe, sources claimed.
The company’s innovation has been renowned across the globe and has received several industry awards and accolades. Besides having a worldwide presence, TigerGraph is also looking to establish offices in Indonesia as well as in Singapore.
Founder and CEO at TigerGraph, Dr. Yu Xu, mentioned in a statement that the company has been leading the paradigm shift in analyzing data using advanced graph technology. The fresh investments will enable the group to expand its service offerings, further allowing customers to realize the advantage of artificial intelligence and graph analytics.
Since the outbreak of COVID-19 and the subsequent lockdowns, companies have lately opted for digital transformation, and hence there is a substantial need to discover new insights about their products, services, customers, and suppliers.
Graph technology allows enterprises to connect these domains through relevant databases. These events have allowed Telegraph to witness significant growth, doubling its revenues as well as customers over the past year.
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