NEW YORK — A rapidly growing open-source database vendor announced a $200 million Series D round on Wednesday, valuing the company at $2.4 billion and escalating the migration battle against decades-old proprietary database licenses.
Enterprise pull
The company reports that more than 40 percent of its new revenue now comes from Fortune 500 customers replacing legacy deployments, a shift analysts attribute to the total-cost-of-ownership gap in the current economic climate.
The new capital will fund distributed-query work and a managed cloud offering expected to ship before the end of the year.
