Latest funding round values Elasticsearch at $700 million

June 6, 2014, 5:40 PM UTC

Elasticsearch has raised $70 million in the latest round of funding for the open-source search and analytics platform.

The company said Thursday that the newly-raised Series C financing brings the total amount of funding brought in over the past year and a half to $104 million. Fortune‘s Dan Primack reported this morning that the latest funding round values Elasticsearch at $700 million. The company, which has headquarters in Amsterdam and Los Altos, Calif., declined to comment.

The Series C funding is being led by New Enterprise Associates, which will place one of its general partners on the company’s board. Benchmark Capital and Index Ventures are also participated in the round.

“This speaks to the importance of what we’re doing: Businesses are generating more and more data, both user- and machine-generated, and it has become a strategic imperative for them to get value out of these assets – whether they are starting a new data-focused project or trying to leverage their current Hadoop or other big data investments,” said Steven Schuurman, Elasticsearch’s co-founder and CEO. “Our investors recognize the value we’re providing and the rapid market traction we’re seeing, and they want to help us scale as quickly as possible.”

Elasticsearch has experienced a quick rise in the 18 months since its founding. The company said in its announcement of the latest financing that it will use the new venture funding to continue its rapid expansion, with attention being paid to marketing, product development and an expanded salesforce. The company, which says more than 8 million people have downloaded its products, boasts a growing roster of major industry clients that currently includes Comcast, eBay, Facebook and Mayo Clinic.

Big data startups like Elasticsearch continue to attract funding from investors. Cloudera recently raised a massive $900 million round of financing, mostly from Intel, after picking up $160 million in a previous round earlier this year. Earlier this week, big data application infrastructure company Concurrent picked up $10 million of its own in a Series B financing.