LONDON–(COMMERCIAL THREAD)–Today Memgraph, the streaming graphics application platform, announced Memgraph 2.0, the public launch of its source-available platform, allowing modern application developers to easily build streaming graphics applications. Additionally, Memgraph disclosed $ 9.34 million in seed funding led by Microsoft’s M12 venture capital fund with participation from Heavybit Industries, In-Q-Tel, Counterview Capital, ID4 Ventures and Mundi Ventures.
As the amount of data flowing through modern technology stacks increases at an exponential rate, so does the number of data sources. Building applications while handling such fast workloads is a complex problem that gets worse as more and more data is introduced into the environment. Building graphics applications is even more difficult and currently a privilege reserved for FAANG companies and other large companies with teams of data scientists.
âWith today’s launch, Memgraph enables all developers – from open source enthusiasts to engineers at large companies – to stream, graph and design in minutes,â said Dominik Tomicevic, CEO and co-founder of Memgraph. âMemgraph 2.0 gives developers the ability to manage all of their data sources and build chart-based applications in addition to their streaming data. ”
After consulting with a number of corporate clients and being frustrated with the status quo of graphics databases, Memgraph co-founders Dominik Tomicevic and Marko Budiselic spent the next five years creating the first graphics database in memory from scratch and share it freely with developers today.
Memgraph 2.0, with its Memgraph Community Edition (MCE), is available under a Business Source license, which means it is free and open to a variety of use cases, even commercial ones. Instead of being unnecessarily restrictive, availability under BSL paves the way for monetization for commercial creators. MCE allows data ingestion via CSV and S3, but also directly from Kafka. Once the data is ingested, it is transformed into a graph model where the real power of the graph is in the form of algorithms.
For large enterprises, the Enterprise Edition (MEE) of Memgraph 2.0 is designed for enterprises developing enterprise-level continuous graphics applications requiring security and support SLAs. It offers role-based access controls, full activity auditing, encryption, and advanced password policies.
Memgraph 2.0 allows developers to leverage proven and combat tested algorithms, such as PageRank, Community Detection, BFS, DFS, etc., without hiring a PhD or 10 data scientists. A developer is now able to create applications based on these results: dashboards, visualizations, authorization modeling, recommendation and fraud detection systems, etc.
LSI, a globally recognized leader in chemical R&D and the formulation of nano-additive products, relies on Memgraph to help it in its planning process; a complex and critical operation that dictates the management of many contingencies such as chemical ingredients, storage capacities, a finite number of reactors and other equipment.
âMemgraph’s ability to model an entire production site using a graph database has been a huge innovation for us. It is a constant challenge to meet the needs of the business given the day-to-day realities of production and the supply chain, âsaid Tobias Merz, director of global operations technology at LSI. âMemgraph’s graphical analysis has helped us better understand these interdependencies and make the right decisions to provide reliable service to our customers. ”
âMemgraph is helping customers move from data overload to profitable insight,â said Matthew Goldstein, M12 Managing Director and UK Manager. âAnalytical capabilities that were once exclusive to tech giants are now available to all industries with Memgraph. We are proud to lead their latest round of funding and support the democratization of smarter business information.
âMemgraph provides a continuous graph computation platform that allows teams to continuously ingest new data and incrementally execute sophisticated graph algorithms in real time,â said Joseph Ruscio, Heavybit partner. . âHeavybit is thrilled to partner with Memgraph as they bring continuous graph computation to the market and unleash powerful new capabilities for their customers who struggle with outdated, batch-oriented solutions. ”
Funding will be used for grow the team, further accelerate R&D and bring key features to market while promoting adoption by the developer community.
Memgraph 2.0 is available today; developers can connect their sources and launch a Memgraph instance to build apps for free in minutes.
Memgraph is the only platform that makes real-time streaming graph computation accessible to all application developers. End users can run an instance, consume data directly from Kafka or other sources, and take advantage of everything from lightning-fast graphical queries to advanced algorithms like PageRank and Community Detection. Learn more about https://memgraph.com.