Neo4j, a San Mateo, California-based graph database company, has closed an $80m Series E funding round.
The round, which brought the company’s fundraising total to date to $160m, was led by One Peak Partners and Morgan Stanley Expansion Capital. It also featured participation from Creandum, Eight Roads and Greenbridge Partners.
Neo4j plans to expand its business reach to more graph-powered business applications, while increasing investment in its flagship graph platform to support such use cases as graph-enabled artificial intelligence (AI) and machine learning (ML) systems.
Led by founder and CEO Emil Eifrem, Neo4j is a graph database platform with offices in Sweden, UK, Germany, and France. Thousands of community deployments and more than 300 customers (including UBS, Walmart, eBay, Adobe, Volvo, Orange and AstraZeneca) use connected data with Neo4j to reveal how people, processes, locations and systems are interrelated.
In today’s regulatory environment, financial services firms are beginning to experience the impact of graph databases across a number of functions ranging from fighting financial crimes, preventing and responding to cyber threats and ensuring compliance.
The company provides a graph solution for GDPR, which means companies must tightly understand, control and manage their possession of personal data, or face prosecution and heavy fines.
Since the global financial crisis of 2008, regulators have established LEI and BCBS 239 standards for recording, aggregating, and tracking financial transactions. Neo4j helps banks to meet these standards by enabling risk assessment, data lineage, and understanding of dependencies on other systems, investments and financial houses.
Neo4j’s graph technology also claims to help meet compliance with FRTB regulation. In addition to BCBS 239, compliance of FRTB (Fundamental Review of the Trading Book) regulations are required of banks by January 2022. FRTB create specific capital-reserve requirements for bank trading desks based on investment-risk models. Fool-proof your risk management & compliance infrastructure using graph technology.
David Klein, co-founder and managing partner of One Peak Partners, said: “Similar to how Oracle revolutionized the way organizations use data by innovating, scaling and maturing relational databases, Neo4j is leading the way in how connected data drives next-generation business applications.
“We see great potential for using graph data as a means for powering and enriching AI and other learning applications by providing context. Only Neo4j has the technological expertise and insight into customer needs to to be successful in delivering on graph-powered AI.”
Copyright © 2018 RegTech Analyst
