Home Finance Greek start-up TileDB raises $34 million to revolutionize data access

Greek start-up TileDB raises $34 million to revolutionize data access

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You only have a minute? Here are 3 key takeaways from the article:

• Greek database startup TileDB raised $34 million in its Series B funding round.

• Notable investors in this round include AlleyCorp, Lockheed Martin, Intel Capital, and Big Pi Ventures.

• TileDB specializes in a universal data engine that allows users to access, analyze and share complex data with great flexibility.

The Greek company’s main products are an open source storage engine and a cloud-based data management platform. Founded in 2017, TileDB’s universal database uses multidimensional arrays to model and store any type of data on any backend and analyze it with any programming language and tool.

The company will now use the latest funding to further develop its database, expand its client range and expand its team over the next 18 months. According to Stavros Papadopoulos, founder of TIleDB, the goal is to make TileDB the next Oracle and follow a similar development path.

“All businesses and organizations produce a large amount of data, which they want to process quickly to make critical decisions or even make scientific discoveries. Our platform can handle complex and different types of data, which traditional databases cannot achieve,” Papadopoulos, whose past experience includes working for Intel and as a researcher at MIT, said Greek Media.

TileDB’s data engine essentially brings all data together in a single system, giving businesses the ability to analyze and process it quickly and without unnecessary costs.

“Such technology contributes to the acceleration of drug discovery and production, rapid data collection and analysis for the construction of combat aircraft, etc. Hospitals also use our technology to detect whether a newborn has a genetic disease. Six years ago we launched a colossal, almost impossible project, but now we can say that it is starting to become a reality,” Papadopoulos adds.

In 2021, the company obtained two strategic investments from Lockheed Martin, based in Silicon Valley, and the Japanese NTT Docomo Ventures. Without disclosing the investment amounts, TileDB said at the time that the funding would be used to develop its universal database and continue work on key projects.

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