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Basho, the company behind the Riak key-value database and Riak CS cloud-storage system, has raised a $25 million series G round of venture capital led by Georgetown Partners. The company has now raised nearly $60 million in a combination of equity and debt financing since it was founded in 2008.
Basho is among a handful of companies, including MongoDB, DataStax and Couchbase, that seems to have garnered some real traction in the NoSQL space over the past few years. Riak, its flagship open source, database competes most directly against Cassandra, around which DataStax was built. Basho released its Riak CS storage system in 2012 to help users build distributed object stores a la Amazon Web Services’ S3 or OpenStack Swift.
Although it has raised much less capital than its NoSQL peers (MongoDB, for example, just announced an $80 million round on top of the $150 million in closed in October 2013) and had a major executive shakeup in 2014 — the company replaced both its CEO and CTO — Basho claims it’s doing just fine. In an interview on Monday, new CEO Adam Wray cited an 89 percent annual increase in bookings, tens of millions in annual revenue and accounts at some of the world’s largest companies.
Big data, the internet of things and hybrid cloud computing environments are driving many of Basho’s deployments, he added.
Assuming the market for non-relational databases keeps growing like many expect (“One day, we’ll be a $50 billion market space,” Wray said), there’s no reason it can’t support a handful of successful companies. Riak might never have the the user base of MongoDB or the webscale reputation of Cassandra, but if the company can get its act together operationally and the technology remains solid, there should be plenty of business to go around.
And if a large software vendor starts going shopping for NoSQL software, Basho will likely have a much more-palatable price tag than the other big-name options.