Intel’s $740 Million Stake Puts Cloudera at $4.1 Billion
Intel Corp. (INTC) said it invested $740 million in Cloudera Inc., in a funding round that values the closely held big data startup at $4.1 billion.
Mark Miller, a spokesman at Intel, said the chipmaker’s investment is part of a $900 million total financing round in Palo Alto, California-based Cloudera, which makes open source database software. Intel now owns an 18 percent stake in the startup, Miller said.
The $900 million fundraising includes $160 million from investors T. Rowe Price Group Inc., Google Inc.’s venture arm and Michael Dell’s investment firm, MSD Capital LP, which was previously announced on March 18.
The funding underscores investor interest in the technology movement known as big data and software called Hadoop, used by Cloudera. Companies are seeking new ways to manage a flood of information on their customers and the markets they serve, aiming to use the data to make decisions in real time. The market for big-data technology and services will grow at 32 percent annually, research firm IDC has predicted.
“The market opportunity for companies to gain insight and build transformative applications based on Hadoop is tremendous,” said Cloudera Chief Executive Officer Tom Reilly in a statement today disclosing the $900 million financing.
Intel has invested in other big data startups. In October, online database software provider MongoDB Inc. raised $150 million at a $1.2 billion valuation from investors including Intel, EMC Corp. and others.
To contact the editors responsible for this story: Pui-Wing Tam at email@example.com Ben Livesey