Image Credit: Neo Technology

Neo Technology announced on Thursday that they raised $20 million (€17 million) in a Series C funding round led by Creandum. Previous investors Fidelity Growth Partners Europe, Sunstone Capital and Conor Venture Partners were also in the round, and Dawn Capital joins as a new investor. With this investment, the company’s total funding raised is now €40 million.

It was founded by Emil Eifrem, Johan Svensson and Peter Neubauer in 2007 as an open source project, and built on technology already developed by the team. When the startup managed to get traction, the team decided to move part of its operation to the the U.S., when it raised a new round of funding. Emil opened up the SV office, while Johan and Peter stayed here.

The team members have largely remained in the same locations and positions since the Silicon Valley move – Johan, who still has the CTO role, is based in Malmö and the core product is still developed by the team in Sweden. However, Peter has since moved on and is now one of the co-founders of Mapillary.

“Back when we started it was us and Polar Rose that were in the startup scene, actually sitting on the same corridor at MINC” is Emil’s remark of how it started.

Since then the startup has grown. Neo Technology has become a first hand choice for sorting and making big data useable. It can name giants such as WalMart amongst its customers. It is also the technology behind CrunchBase.

Several pivots along the way

The startup has been through many transitions. Not only did they move part of their operations to the U.S., they also changed from being an open source and pure technology company to being a large business. The entire story can be read over at TechCrunch.

This post was originally published on Øresund Startups.