MongoDB annual event focuses on accelerating AI momentum – Business
MongoDB Inc. looks to assert its place in the artificial intelligence era. The company’s document-oriented database and the introduction of its Atlas Vector Search has been popular among developers creating AI-based applications.
MongoDB had an annual revenue of $1.68 billion with a 31% growth over the last fiscal year and achieved a 27% year-over-year growth in the last quarter, but the company’s cautious predictions for the first quarter of fiscal 2025 resulted in after-hours stock sell-off, with a drop of more than 9%. Nonetheless, MongoDB aims to maintain its AI-fueled momentum under the leadership of Dev Ittycheria, MongoDB’s president and chief executive officer.
“As [Vector Search] moves left away from the machine learning engineers to developers, really embedding AI to make apps smarter, it’s having a real profound effect,” Ittycheria said in a recent interview with theCUBE. “The reason they gravitated to MongoDB is that the usability of all these capabilities is very well-crafted so that the developers can just get the technology out of the way, that they can just do their work.”
At this year’s MongoDB.local NYC, set for May 2, data platform experts, software engineers and analysts will meet to discuss how MongoDB is accelerating AI development. Join theCUBE, SiliconANGLE Media’s livestreaming studio, for exclusive coverage on the evolving state of AI applications and what the company has in store for 2024.
Continuing to capitalize on the AI wave
Vector Search is a functionality within MongoDB’s Atlas cloud platform that gives developers access to unstructured data by creating numerical representations called “vectors” that an AI model can interpret. The Atlas platform saw a revenue growth of 34% in the fourth quarter of fiscal 2024 and an expansion of 31% over the full year.
“That Atlas Vector Search is really interesting, because it’s an alternative to having a separate standalone vector database,” said Dave Vellante, industry analyst and host for this year’s MongoDB event, on an episode of theCUBE Podcast. “Obviously, that is something that is going to be interesting for generative AI.”
MongoDB also announced at last year’s Amazon re:Invent conference that Vector Search would be integrated into Amazon Bedrock, providing an abstraction layer for developers looking to embed AI into their apps. The company’s goal is to make its platform accessible for most use cases within an organization.
“We’ve worked proactively over the last year to make sure MongoDB is well integrated into an open stack of technologies and tools and that we can be a part of the foundational data layer for these modern applications,” said Sahir Azam, chief product officer of MongoDB in a recent interview with theCUBE. “We’ve taken AI and embedded it in our product and even just beyond the products into our developer experience.”
MongoDB seeks further collaboration
In 2022, MongoDB launched MongoDB Ventures, a fund aimed at supporting new companies and teams at early stages so that MongoDB can better serve its customer base.
“The last year and a half has been very exciting … focused a lot on looking at companies building in the AI space and, in particular, companies that are enabling developers, which is our key audience, to build with AI,” said Suraj Patel, head of MongoDB Ventures, in an interview with theCUBE in March.
With the support of its partnership with Amazon Web Services Inc. and its hub of innovation with Ventures, MongoDB is shifting into the world of analytics. The company wants to empower developers to be more productive without any of the clunkiness that often dogs AI app development, according to Ittycheria.
“We’re not trying to be a data warehouse or some analytics platform for a BI user,” he said. “We’re really focused on enabling developers to do more sophisticated analytics as part of building very intelligent applications.”
TheCUBE event livestream
Don’t miss theCUBE’s coverage of MongoDB.local NYC 2024 on May 2. Plus, you can watch theCUBE’s event coverage on-demand after the live event.
How to watch theCUBE interviews
We offer various ways to watch theCUBE’s coverage of MongoDB.local NYC 2024, including theCUBE’s dedicated website and YouTube channel. You can also get all the coverage from this year’s events on SiliconANGLE.
TheCUBE Insights podcast
SiliconANGLE has podcasts available of archived interview sessions, available on iTunes, Stitcher and Spotify, which you can enjoy while on the go.
SiliconANGLE also has analyst deep dives in our Breaking Analysis podcast, available on iTunes, Stitcher and Spotify.
Guests
During the MongoDB.local NYC 2024 event, theCUBE analysts will talk with industry professionals about the secrets of a new purchasing option that provides a modern approach to IT life cycle management and how it can future-proof your storage investments. Stay tuned for our complete guest list.
(* Disclosure: the MongoDB.local NYC event. Neither MongoDB Inc..)