TigerGraph, a US-based graph analytics platform developer backed by corporates Ant Financial, Baidu and Susquehanna International Group (SIG), collected $105m in series C capital led by Tiger Global on Wednesday.
Founded in 2012 as GraphSQL, TigerGraph has built an analytics platform that exploits machine learning to contextualise data and enable complex applications such as fraud detection, anti-money laundering and knowledge graphs.
The company said it more than doubled its revenues and number of clients over the past year as the pandemic accelerated the digital transformation of several industries.
The money will drive product development and customer support, as well as an expansion into Asia, Australia and New Zealand. The company also plans to scale its operations in the Americas, Asia Pacific and Europe, the Middle East and Africa by hiring more staff.
TigerGraph has now raised more than $170m altogether, it said. Quantitative trading firm SIG led a $32m series B round for TigerGraph in 2019.
Internet company Baidu and financial services provider Ant Financial were among the backers of a $31m series A round in 2017 that also included Qiming Venture Partners, DCVC, AME Cloud Ventures, Morado Ventures, Danhua Capital and Zod Nazem.
