US-based big data startup Fauna secured $25m yesterday in a series A round backed by GV, a corporate venturing subsidiary of internet and technology group Alphabet.
Point72 Ventures led the round, which included fellow venture capital funds Webb Investment Network and Afore Capital as well as VC firms Costanoa Ventures, CRV, Data Collective, Quest Venture Partners and Ulu Ventures.
Founded in 2012 by engineers who formerly worked at social media company Twitter, Fauna has developed a big data platform called FaunaDB that enables businesses to harness modern cloud-based programs without compromising the security or speed of their systems.
The software uses modern coding rather than the older Structured Query Language (SQL)-based systems found in other enterprise database products.
Quest VP, Data Collective, Webb Investment Network,and Ulu Ventures previously provided $4.5m of seed funding for Fauna in September 2016 together with several angel investors.
Matt Freels, Fauna’s co-founder and chief technology officer, said: “When we designed FaunaDB, we knew the combination of strong consistency and global availability would be critical for industries like financial services and e-commerce.
“We are excited to see its rapid adoption by enterprises in other verticals as well, including internet of things, gaming and social media.”