Founded by Greek entrepreneur and research scientist Stavros Papadopoulos three years ago, TileDB, a data management company has managed to raise $15 million from both Greek and foreign investors, Ekathimerini reported.
The Series A round (the name typically given to a company's first significant round of venture capital financing) is one of the largest venture capital infusions achieved by a new Greek business, demonstrating the stellar rise of the Greek-owned – based in Cambridge, Massachusetts – data analytics firm.
One of the investors is the US-based fund Two Bear Capital, managed by Mike Goguen, a former general partner for Sequoia Capital, a fund known for its investments in some of the world’s largest tech firms. Nexus Venture Partners, Intel Capital and Greek-based Big Pi Ventures also invested. “The value of the business in only a few months has multiplied compared to the last round of venture funding. This proves the company’s massive progress as well as the value of the unique product it is offering. The growth of the company confirms the faith we showed towards Papadopoulos’ team,” said Markos Veremis, president of Upstream and partner at Big Pi Ventures.
“I made the first version of the software during my time in Intel and then at MIT, where I worked as a researcher between 2014-17. Because the software had been used by firms for genetics research, we decided in May 2017 to create a spinoff. Following this Intel Capital invested in the first round, and continues to do so, while a professor and colleague from MIT joined the board,” Papadopoulos explained.
He adds that the $15 million will help TileDB to increase its marketing and sales, improve its corporate strategy and increase funding towards the R&D teams, both in the US and Greece.
TileDB is an open-source and cloud-native storage engine for chunked, compressed, multi-dimensional arrays. It introduces a universal data format, general enough for all application domains, and with built-in data versioning.
“Since 2017, TileDB has 12 employees, eight in the US and four in Greece. With this investment, our goal is to reach 40 by 2021, of which 15 will be in Greece,” Papadopoulos continued.