Index Ventures Leads Series B Less Than Four Months After Company Closed Benchmark Capital-Led Series A Round
Amsterdam, The Netherlands — February 19, 2013—Elasticsearch, the company behind the popular real-time search and analytics open source project, today announced it has secured $24 million in Series B financing led by Mike Volpi from Index Ventures. The round includes contributions from existing investor Benchmark Capital and new investor SV Angel. The company also announced that it has passed the two million downloads milestone, indicating the overwhelming demand for a single data search and analytics solution that’s powerful, yet easy to use.
Series B Highlights:
· The company closed a $24 million Series B round of funding from Index Ventures, Benchmark Capital and SV Angel. The funds will be used to improve its ability to meet and support the increase in customer demand for Elasticsearch by attracting top talent. Furthermore, Elasticsearch is now in the position to fully execute on its vision without compromise.
· The company is one of the fastest-growing open source projects in the market, with approximately 200,000 downloads per month and a total of two million downloads to date.
· Search is changing, and Elasticsearch is driving that change. Today’s search is a combination of real-time free text search, structured search and advanced analytics capabilities, which allows anyone to easily explore large volumes of distributed data.
· Elasticsearch takes the pain out of scaling and maintenance. Built for a distributed environment, new nodes are provisionedautomatically without any downtime, and rebalancing and routing are done behind the scenes.
Supporting Quotes – Executives:
· “What we see today is that search has become the main driver for data exploration. Real-time, free-text search, structured search and analytics have become the information backbone for organizations everywhere. With Elasticsearch, users can now browse through vast amounts of data and innovate more effectively than ever before.”—Shay Banon, CTO and Creator of Elasticsearch
· “Since we founded the company, the demand for our support and training offerings has experienced explosive growth. On a tactical level it’s vital we attract the best talent to support our customers and deliver on our product engineering ambitions as the adoption of Elasticsearch continues to accelerate. On a more strategic level, this round of investment frees us to execute on our vision, whilst adding an invaluable board member to the team.”—Steven Schuurman, CEO, Elasticsearch
Supporting Quotes – Investors:
· “Great technology, big market, terrific team – it’s no surprise that we are excited today to announce our investment in Elasticsearch. We haven’t seen momentum like this for an Open Source project in quite some time – which is quite exciting. Elasticsearch has the vision to turn big data into great experiences.”—Mike Volpi, Partner, Index Ventures
· “Elasticsearch is a product driven company with a mission to delight users, so it is no surprise that the company has passed two million downloads. Elasticsearch cares only about developing great technology that is incredibly easy to use and solves significant challenges. These are the types of companies on which we are placing our bets.” —Peter Fenton, General Partner, Benchmark Capital
· “As an early investor in Google, I know how transformative search can be. Elasticsearch is bringing the power of that kind of search to companies every day, helping them analyze and understand their own data quickly and easily.” —Ron Conway, Founder, SV Angel
Supporting Quotes – Analyst:
· “IDC estimates that the Search and Content Analytics software market will be $3.2 billion dollars by 2016. Our research is showing that uses of search are expanding, with newer search applications unifying access to both data and content and that the use of open search solutions within enterprises is growing. Elasticsearch, with its recent announcements, is well positioned to take advantage of both of these trends.”—Dave Schubmehl, Research Director, IDC
Supporting Quotes – Customers:
· “Elasticsearch is all about scale for us. At Foursquare, we handle tens of millions of searches across 50 million locations each day. Elasticsearch returns real-time results, which encourages more usage and deeper engagement.”—Andrew Hogue, Head of Search, Foursquare
· “SoundCloud is an open platform that reaches over 180 million people, equating to 8% of the entire Internet population, every month. We connect people through sound by making it easy to discover and share audio and music once it has been created. Elasticsearch allows us to provide our engaged community with immediate, relevant results while offering us a continued path for scaling, consistency, and reliability.”—Alexander Grosse, Vice President of Engineering, SoundCloud
· “We search 40,000,000,000 (forty billion) lines of code in real-time with Elasticsearch. We haven’t seen that kind of scale or performance with any other search solution.”—Kevin Gessner, Kiln Team Lead, Fog Creek Software
Video: Meet the Elasticsearch Founders
Customer video: Fog Creek Uses Elasticsearch
Blog: Elasticsearch CEO Steven Schuurman and CTO Shay Banon
Blog: Index Venture’s Mike Volpi
IDC Vendor Report on Elasticsearch
Elasticsearch is on a mission to organize data and make it easily accessible. We deliver the world’s the most advanced open source search and analytics engine available and make real-time data exploration available to anyone. By having a laser focus on achieving the best user experience imaginable, Elasticsearch has become one of the most popular and rapidly growing open source solutions in the market. Today, Elasticsearch is used by thousands of enterprises in virtually every industry. We take good care of our customers and users, providing production support, development support and training worldwide. To learn more, visit , www.elasticsearch.com.