NoSQL East Conference, Atlanta, GA and Malmö, Sweden – October 28, 2009 - Neo Technology, developer of Neo4j, the world’s leading open source graph database, today announced that it has secured $2.5 million in seed funding to boost Neo4j’s presence in the emerging graph database market. The funds will be used to accelerate product development and expand sales and marketing efforts. The investment round was co-led by Sunstone Capital and Conor Venture Partners. The company board of directors will be joined by Magnus Christerson, Vice President of Intentional Software Corp, Nikolaj Nyholm, serial entrepreneur and CEO of Polar Rose, Sami Ahvenniemi, Partner at Conor Venture Partners as well as Johan Svensson, co-founder and CTO of Neo Technology. "Following in the footsteps of MySQL - another Swedish open source database company – Neo Technology needs a strong US presence to succeed”, states Magnus Christerson. “Using my own experience transitioning a Swedish software startup to the US, I look forward helping Neo Technology establish that US presence.” "The database market is rapidly changing. The need for alternatives to traditional SQL databases is suggested by three facts: 1) the increasing pain of using the 35 year old SQL model, 2) companies like Google and Facebook building their own database technology and 3) the exploding NoSQL movement. Sunstone Capital is pleased to invest in one of the most promising NoSQL alternatives”, said Christian Lindegård Jepsen, Partner in Sunstone Capital. "Conor is excited to invest in this excellent team with solid technology that has showed some early customer wins in this rapidly growing database market segment”, said Sami Ahvenniemi, Partner in Conor. “We look forward to the continued growth of Neo Technology's open source and commercial user bases." "I am very happy to have Sunstone, Conor and our new board members join us to build Neo Technology into a global success”, comments Emil Eifrem, co-founder and CEO of Neo Technology. “This investment will accelerate our product development and ability to serve customers worldwide.” Neo4j, the world’s leading graph database, stores data in graphs rather than relational tables. This makes Neo4j especially suitable for applications that handle data with complex relationships, like social networks, life sciences, intelligence and financial applications. Neo4j offers users: These advantages make Neo4j the most effective database choice by many social networking services and other applications that manage ever more complex business data. Emil Eifrem, CEO, Neo Technology, Tel. +1 (206) 403-8808 (US) or +46 733 462 271 (Europe), emil.eifrem (at) neotechnology.com Christian Lindegård Jepsen, Partner, Sunstone Capital, Tel. +45 25 36 39 63, jepsen (at) sunstonecapital.com Sami Ahvenniemi, Partner, Conor Venture Partners, Tel. +358 40 560 2734, sami.ahvenniemi (at) conor.vc Neo Technology is the developer of Neo4j, the world’s leading open source graph database. In 24/7 production since 2003, Neo4j is available in open source under AGPLv3 and commercial license terms. For more information, please visit www.neotechnology.com. Sunstone Capital is a Nordic-based early stage venture capital investor with over EUR 400 million in funds under management. Sunstone focuses on developing and expanding early-stage Technology and Life Science companies . For more information, please visitwww.sunstonecapital.com. Venture Partners is a leading early-stage technology VC investing in Finland, Sweden and the Baltics. Conor invests in disruptive technologies in ICT, embedded systems, electronics, new materials and optics. For more information, please visit www.conor.vc. Emil will be presenting tomrrow at NoSQL East, sponsored by Neo Techology.Sunstone Capital and Conor Venture Partners Fund Open Source Database Company
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