Open Ocean raises 92 mln eur fund for data solutions, software

Finland’s OpenOcean, the investment firm launched by team behind MySQL, said it has raised 92 million euros for its third main venture fund which will invest in exciting and disruptive European data businesses that are resolving digitalisation bottlenecks and building the future data economy.

The fund will invest primarily at the Series A level with initial investments of 3 million to 5 million euros across its core target areas of artificial intelligence, application-driven data infrastructure, intelligent automation, and open source.

“The modern explosion of data has presented a significant opportunity at the infrastructure level to enable the potential of next-generation software to be realised.”

Investors in the new fund include European Investment Fund, Tesi, Elo Mutual Pension Insurance Company, Fund of Fund Growth (pension funds), further institutions, major family offices, and Oxford University’s Corpus Christi College, it said.

The new ‘Fund 2020’ is OpenOcean’s third main institutional fund, following 45 million and 80 million funds in 2011 and 2015 respectively. A final close of 130 million euros is targeted for the first half of 2021.OpenOcean’s team has a long and storied entrepreneurial history, with Michael “Monty” Widenius, Ralf Wahlsten, Patrik Backman, and Tom Henriksson building and investing in MySQL and MariaDB.

Open Ocean said also it has appointed Ekaterina Almasque, former Managing Director at Samsung Catalyst Fund in Europe, as General Partner to accelerate its investments in AI, data/cloud infrastructure, and new frontiers like quantum computing. At OpenOcean, Almasque has already led investments in superconducting quantum machines maker IQM and multi-cloud hyper-converged infrastructure startup, and is leading the London team and operations for the firm.

Photo by Dan Stark on Unsplash