Fidelity Growth Partners Europe has led a $10.6 million Series A investment round for California-based Neo Technology to expand into database management technology.

Fidelity Growth Partners Europe has led a $10.6 million Series A investment round for California-based Neo Technology to expand into database management technology. 

Neo Technology is a developer of a NOSQL open source database, which is a non-relational data store that is aimed at the growing breed of web applications. 

Chris Barchak, who led this investment for London-based Fidelity comments, ‘With big data challenging the enterprise, the notion of a ‘one-size fits all’ database is over.’

The investment by Fidelity has been made through its a £100 million fund dedicated to backing technology companies, which the firm raised in January last year.

Along with Fidelity Growth Partners Europe, privately held company Neo Technology is also funded by Nordic venture capital investors Sunstone Capital and Conor Venture Partners. 

The database Neo4j is based around eight years of development and Neo Technology believes the investment will further fuel product development. 

‘Investor confidence, as well as the ongoing validation from our partners and customers, underscores the work we’ve done to date,’ states Neo technology CEO Emil Eifrem.

He adds, ‘Neo is able to realise its vision of delivering Neo4j to the enterprise.’

Fidelity Growth Partners Europe is a venture and growth capital investor with 40 years experience which backs entrepreneurs in the IT and clean technology sectors. 

As part of the investment, Barchak will join Neo Technology’s board and Rod Johnson, the former chief executive of cloud computing business SpringSource who also participated in the funding, will become board chairman.