As Poslovni Dnevnik/Ivan Tominac writes, as recently as last week, the successful Croatian Memgraph startup announced an investment of 9.34 million US dollars.
The fact that investments accelerate various processes in business ventures isn’t something new, so the Croatian Memgraph startup is planning some new moves that will further strengthen their already impressive market position. As they pointed out from the company at the very beginning, the process of finding an investment was long and challenging, but in the end – it was successful.
The situation with the coronavirus pandemic didn’t succeed in demotivating them either, so they, led by a strong desire for progress, managed to find some kind of partners on the path to building success.
“The process of finding investment and new investors has been long and challenging, especially throughout the challenging coronavirus crisis and the uncertainty that came with it. Yet, in M12, Heavybit, IQT and other new investors joining us, we’ve found some ideal partners who are excited about the development of Memgraph, the opportunities we provide and the direction we’re heading in. This investment will enable further product development and see us strengthen and expand our team,” said Memgraph’s Dominik Tomicevic.
When it comes to their technology, the Croatian Memgraph company has so far helped thousands of developers and engineers and brought them closer to the world of graph theory and provided insight into data they didn’t have before.
“In addition to individual engineers, Memgraph also works with some of the world’s leading production companies in the field of chemistry, as well as the world’s leading financial institutions,” added Tomicevic. The powerful analytical capabilities brought by data flows and graphs before the arrival of Memgraph were reserved for a group of “big tech” companies, and with Memgraph, everyone else can have their fair share of that formerly rather exclusive pie.
This technology is of strategic importance for a group of technology companies called FAANG – Facebook, Amazon, Apple, Netflix and Google, but also for companies like LSI Chemical. It is a global leader in the chemical research and development industry, and Memgraph has enabled them to improve their production systems.
“Memgraph has enabled us to create powerful models of entire production systems using a database graph, which has been a major business innovation for us. Memgraph’s graphical analysis has enabled us to better understand our own processes, optimise them and make the right decisions to provide the best possible service for our customers,” said Tobias Merz, the director of Global Operating Technologies at LSI. The aforementioned investment will also work to shake the status quo significantly, and will lead to yet more development for Memgraph.
Memgraph 2.0 primarily brings new data entry capabilities through data flow technologies (e.g. Apache Kafka), all this is on top of the static data that has so far been possible to enter (CSV files and so on).
“As a result, engineers will now be able to build their applications and have data flows as a basis. In addition to that, Memgraph 2.0 is so-called source available, which means that the Memgraph Community Edition is available with a BSL license, which means that the code is open for personal and commercial use,” explained Tomicevic.
It doesn’t need to be stated that investments naturally lead to new business steps and more development, which most often results in further employment and as such a stronger economy. These are the steps Memgraph is taking as well.
”The goal of this round of funding is to expand and further strengthen our team. Although we employ people throughout Europe and have engineers from Greece to the Netherlands, the main engineering hub will remain right here in Croatia. Given the high priority of Cloud product development, that’s where we’ll employ primarily Frontend (Angular) and Backend (NodeJS) engineers who want to join a smaller but agile and fast team and launch Memgraph into the Cloud. We’re also going to hire C / C ++ engineers for our core team working on core technology and products,” said the Croatian Memgraph’s director.
Graphs can do a lot more than we can imagine, and Memgraph decided to prove it, as this company’s main goal is to change the way some of the world’s most difficult problems are solved using the power of graph theory. Therefore, as Memgraph’s director Tomicevic concluded, their plans are to provide development engineers with access to tools and knowledge of graphs to improve their applications and business processes on the whole.
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