Database 'Unicorn' MongoDB Plans IPO Of $100M

Fast-growing database startup MongoDB, which has built out a substantial channel in recent years, filed its paperwork with the SEC to go public.

The New York-headquartered company, which has been reportedly valued at $1.6 billion after receiving $311 million in funding, is looking to be traded on the Nasdaq. MongoDB listed in its S-1 filing that it is looking to raise $100 million in the offering, but that number is a traditional placeholder and might change in the next few weeks.

MongoDB, which develops a NoSQL database, sees itself as a next-generation database developer that competes both with legacy relational databases from the likes of IBM, Microsoft and especially Oracle; as well as non-relational databases. While MongoDB's product can be deployed on public clouds like AWS, those providers also offer rival native database services.

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Like competing NoSQL databases, MongoDB positions itself as an alternative to traditional relational database systems, claiming its technology is better able to meet the demands of today's big data environments.

"Our unique platform architecture combines the best of both relational and non-relational databases. We believe our core platform differentiation is driven by our ability to address the needs of organizations for performance, scalability, flexibility, and reliability while maintaining the strengths of relational databases," reads the document filed with the SEC.

MongoDB has been building up a stable of channel partners that includes systems integrators, resellers, ISVs and OEMs. The startup recently signed a "very strategic" partnership with Infosys, Alan Chhabra, senior vice president of worldwide partners at MongoDB, recently told CRN.

Recent releases have added data storage engines and data governance features, capabilities the company expects will extend the software's potential market for enterprise-class applications.

In March MongoDB expanded its OEM Partner Program with new design review and development support programs that help ISV partners embed and deploy the MongoDB database with their applications. The company also began offering a new, free tier for MongoDB Atlas, the company's database-as-a-service offering.

In the SEC document, MongoDB said it's growing rapidly, and at the end of July had more than 4,300 customers across the world. That growth is scaling both its revenues and losses. During the three months ended July 31, MongoDB lost $26.1 million on revenues of $35.6 million, according to its SEC filings.