MongoDB is becoming the go-to database for many, and a household name for those in the biz. MongoDB’s humble beginnings were those of a start up and have since grown into a huge deal and dare I say, a savior to many businesses of varying sizes with an impressive roster of clients including MetLife, BuzzFeed, Forbes and Parse.
While rumors of a MongoDB IPO circulate this week, MongoDB raised $80 Million in funding, which is an impressive start to 2015. It’s like they say, what you do in January dictates what your year will be like – okay maybe that’s folksy, so instead, let’s use the facts to illustrate why MongoDB will crush in 2015.
New Funding + Recent Acquisition = Future MongoDB IPO?
So like I said, as of January 12, MongoDB has reached $80 million in venture funding this year. The cash source came after of course, the $150 million in funding October 2013 and as of today, MongoDB is apparently worth $1.6 Billion.
Other NoSQL databases including Couchbase and DataStax, have raised $60 million and $106 million, respectively.
Another huge story was that MongoDB recently bought out WiredTiger, and their storage engine technology should become available in the MongoDB 2.8 release.
With the news of the Hadoop vendor, Hortonworks who recently went public (with a market cap of just over a billion dollars)it looks like big data is HUGE, and investors likely aren’t put off by open source software. MongoDB apparently may go the way of IPO in the future, but for now, this funding will give MongoDB a chance to wait until the time is right, comfortably.
New Year, New CEO
Part of the continued success of MongoDB may be linked to the fact that they now have Dev Ittycheria on board as CEO of the company. When asked about why he was stepping down, former CEO of MongoDB Max Schireson wrote this blog post.
It’s a great article outlining his home life, raising his children, missing special moments at home, and touching on how society views male and female nurturing roles, and the unfair assumption that women are asked about how they balance their work and family life, whereas men are not and not expected to.
“A few months ago, I decided the only way to balance was by stepping back from my job. MongoDB is a special company. In my nearly 4 years at the company, we have raised $220 million, grown the team 15x and grown sales 30x. We have amazing customers, a great product which gets better with every release, the strongest team I have ever worked with, and incredible momentum in the market. The future is bright and MongoDB deserves a leader who can be “all-in” and make the most of the opportunity.”
An interesting move, but a touching one for both Schireson’s family and the future of MongoDB, as if the company was like family, he did the best thing possible for it to grow to its full extent, like any good parent would.
So let’s talk about the new guy, Dev Ittycheria. Ittycheria brings a technical background, IPO experience and twice the amount of operations experience than both of MongoDB’s last two CEOs. When stepping down, Schireson mentioned that it is critical for MongoDB to continue to expand their global sales, and it seems like Ittycheria is willing to live that bi-coastal life, something Schireson struggled with. While I cannot comment on whether or not Ittycheria is a natural leader, I can say that Schireson has referred to himself as an “Introverted CEO”, it will be interesting to watch Dev ittycheria as a character and CEO, hopefully continuing to keep the success coming.
Making the Right Moves
Let’s talk about why 2015 is MongoDB’s year. What exactly is RIGHT with MongoDB? Well, for one, they’ve aligned themselves correctly for a company that exists around open source software. MongoDB has seen success in a number of ways.
Back in October, MongoDB revealed its MongoDB Management Service, which was designed to assist users in scaling and managing their databases, and MongoDB is hoping that this new service offering will generate a good deal of revenue. In August of course, MongoDB saw a new CEO who, I had mentioned earlier has tech and IPO experience, Dev Ittycheria. That same month, MongoDB in addition to their management service, added production support (paid support) for those using the free service.
With all the recent changes and improvements – with not an ounce of drama, it really seems like MongoDB is poised for 2015. MongoDB is coming out swinging and it’ll be interesting to watch the database startup expand hopefully globally this year.