Data management firm MongoDB said it was able to raise USD 150 million in capital commitments from its latest financing round. The round was participated in by T. Rowe Price Associates Inc, Altimeter Capital and salesforce.com. Existing investors Intel Capital, NEA, Red Hat and Sequoia Capital also gave support to MongoDB. Since the company was formed in 2007, it has raised over USD 231 million in total funds. According to MongoDB, the latest financing was the biggest single funding received by any database vendor.
MongoDB would use the proceeds to invest in its core project and develop its MongoDB Management Service. MongoDB Chief Executive Officer Max Schireson said, "Adoption of MongoDB has grown explosively over the last few years.This funding will allow us to continue to invest in the technology and the global operation our customers require. Building the product and company to bring greater agility and scalability to how organizations manage data will require a large and sustained investment." He said hte additional funds would give them the staying power to carry out their plans.
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