24.03 Liontrust Global Innovation Report - The Rise of AI 04.24 - Flipbook - Page 26
Three in the frame: companies that are
You might not be familiar with MongoDB. Yet while this American
company, providing a popular NoSQL database solution, might
not always be in the limelight, its impact on the technology world
is undeniable.
Directly or indirectly, you will have encountered platforms and
services powered by MongoDB. If you’ve engaged with Adobe’s
digital platforms, MongoDB plays a pivotal role, powering Adobe
Experience Manager to provide consistent digital experiences. Fitness
enthusiasts tracking their performance on apps like Strava indirectly
leverage MongoDB’s efficient data handling capabilities. If you’ve
used the InVision platform for digital product design, MongoDB is
at its core, handling billions of daily document reads and writes to
ensure a seamless user experience. Meanwhile, shoppers worldwide,
browsing through Gap’s vast collection, experience a smooth digital
journey thanks in part to MongoDB’s scalable database solutions.
MongoDB’s inception by co-founders Dwight Merriman and Eliot
Horowitz was driven by their experiences at DoubleClick, acquired
by Google for $3.1 billion in 2007, where they grappled with
the inflexibilities of traditional relational databases. This ethos led to
the creation of MongoDB, a NoSQL database tailored for modern
demands. Today, MongoDB has established itself as the clear nextgeneration database leader, fit for AI workloads with features such as
vector search, over $1 billion of annualised revenue and with its core
Atlas (database-as-a-service) offering growing 85% year on year.
Moreover, rather than just expanding its customer base, MongoDB
concentrated on deepening ties with existing clients, prioritising
tailored solutions and retention. In response, the company has
achieved net operating profitability with a net operating margin
of 6.1% in the last quarter versus -1.5% a year ago. We expect
this to be the beginning of MongoDB’s path to profitability as the
company continues to expand margins along with improving cash
flow as it executes this transition at scale.
Past performance does not predict future returns.
26 - The rise of AI: Technology and Innovation Report
