Europe’s FGPE leads $10.6m Neo Tech deal

US database company Neo Technology has raised $10.6m in Series A venture capital funding, led by venture and growth capital investment firm Fidelity Growth Partners Europe.

Seed investors, Sunstone Capital and Conor Venture Partners, also participated in the round.

The investment will be used to fuel product development in the rapidly growing industry, meet the needs of Neo’s expanding customer base, and further deliver on its vision for driving NOSQL into the enterprise, the company said.

Following the deal, Chris Barchak of Fidelity Growth Partners Europe has joined the company’s board along with Rod Johnson, the founder and former CEO of SpringSource, who participated in the funding and will become board chairman.

“Enterprises need to take full advantage of the huge amount of data that flows through their business systems daily. Companies need real time data processing capabilities with a flexible data model and scalability, which Neo4j offers. Investor confidence, as well as the ongoing validation from our partners and customers, underscores the work we’ve done to date,” said Emil Eifrém, CEO, Neo Technology.

“Fidelity is focused on helping great entrepreneurs build successful companies and we are extremely excited to invest in a huge market opportunity for NOSQL. With big data challenging the enterprise, the notion of a ‘one-size fits all’ database is over. Neo represents a new generation of database vendors, as more and more companies look for trusted NOSQL in a post-relational world,” added Fidelity’s Barchak.

In January 2010, FGPE raised a £100m fund focused onEuropean technology companies.

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