SAN FRANCISCO, June 26 (Reuters) - Couchbase, a company that helps companies deal with the vast troves of data scattered around the Internet, said on Thursday it raised $60 million, further enabling it take on incumbents such as Oracle Corp and Microsoft Corp.
The company, whose name is a combination of related technologies known as CouchDB and Membase, helps companies store data in a way that makes it work better with cutting-edge applications and other Internet innovations. Those are the task-specific software programs that increasing numbers of consumers use multiple times each day, often on theit mobile phones.
The type of database system developed by Couchbase, known as NoSQL, is displacing older types of database systems such as Oracle's MySQL and Microsoft SQL. The newer systems offer more flexibility than the older ones.
Spending around NoSQL technology, including on software development, license fees, and hardware, should reach $3.4 billion by 2020, according to consultancy Market Research Media Ltd, up from less than $1 billion last year.
Couchbase competitors include MongoDB, which has raised $231 million from venture firms such as Union Square and Sequoia Capital, and DataStax, which has raised $84 million from backers such as Meritech Capital and Lightspeed Ventures.
New backers in Couchbase's latest funding round include WestSummit, whose partner Raymond Yang will join Couchbase's board, and Accel Growth. Another family of funds from Accel had previously invested in Couchbase.
Existing investors include Adams Street Partners, Ignition Partners, Mayfield Fund, and North Bridge Venture Partners. Couchbase has raised $115 million since its founding in 2009, and counts businesses such as music service Beats and retailer Wal-Mart Stores Inc among its customers. (Reporting by Sarah McBride)