SAN FRANCISCO, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Neon, the company revolutionizing Postgres in the Cloud, today announced completion of its $46 million Series B funding round led by Menlo Ventures with support from existing investors Founders Fund, General Catalyst, GGV Capital, Khosla Ventures, and Elad Gil. Snowflake Ventures and Databricks, key domain players, also joined the round, validating Neon’s approach and creating opportunities for future partnerships. This round comes on the heels of last year's $30 million Series A, cementing Neon's position as the leading player PostgreSQL as a Service.
Tim Tully, partner at Menlo Ventures, will be joining Neon’s board of directors, who detailed the potential of the business. “Neon – powered by its separation of storage and compute, branching, and its serverless architecture – is the future of Postgres. With Neon, developers no longer have to deal with the burden of database management. Instead, they are empowered to concentrate on features, latency, and development speed. This unlocks a world of potential, as devs continue to push the boundaries of generative AI, scale-to-zero architectures, and the next generation of modern cloud applications,” said Tully. “As a VC with a background in software development, I believe Neon's developer-centric approach can make them the industry standard. I'm excited to back them early in their journey by leading their Series B."
With a total investment of $104 million to date, Neon has established itself as the leading provider of Serverless Postgres, as illustrated by its rapidly growing customer base, which has grown from 20k to 100k databases in less than six months.
Lincoln Bergson, Infrastructure Engineer at Replit, said recently, “The combination of flexible resource limits and nearly instant database provisioning made Neon a no-brainer.”
"Neon's unique approach to Postgres aligns with Snowflake's commitment to revolutionizing data management in the cloud," said Stefan Williams, VP of Corporate Development and Snowflake Ventures at Snowflake. "We are excited to see the value Neon can bring to businesses of all sizes and look forward to collaborating with Neon to shape the future of data.”
With this new infusion of capital, Neon will fuel the next generation of applications. Neon Postgres allows developers to focus on code rather than database management and scaling. With scale-to-zero serverless pricing, edge-aware drivers and the fastest Vector Search implementation, Neon is leading the charge in developing the next generation of modern apps.
"Edge and Vector Similarity Search are the two technologies that are currently transforming the Postgres as a Service Business," said Nikita Shamgunov, CEO of Neon. "We are at the forefront of both with our Edge Aware Driver and our pg_embedding vector search extension. This funding will allow us to cement our leadership position in these arenas.”
With this funding, Neon will double the size of its from 50 to 100 people by year's end. The company will grow its leadership position in Edge Computing and Vector search, with both these technologies oriented around its open-source Postgres offering. Neon will continue to invest in its partner base. Respected partners like Vercel, Replit, Hasura and CloudFlare speak to Neon’s position as the leader in the Postgres as a Service industry.
Neon Postgres is provided as an open-source to developers under the Apache 2.0 license. To learn more about Neon, visit www.neon.tech
About Neon
Neon is a multi-cloud Serverless Postgres provider that is purpose-built to address modern workloads, including edge computing and AI. Neon supports a fast, low-latency version of the node-postgres package that supports edge functions in providers like Vercel and CloudFlare. Neon understands the importance of AI for the modern developer. To that end, Neon created pg_embedding, a high-performance vector search extension for Postgres.
Press Contact:
Morgan Malone
Senior Account Executive, The Bulleit Group
neon@bulleitgroup.com
