Big Data Startup MapR Technologies is getting a big lift this week. The company raised fresh capital in its latest funding round. However, the company still has no word about its rumored IPO.

According to Forbes, the San Jose-based company has raised $56 million in its latest funding round. Lightspeed Venture Partners led this latest funding round, with some participation with Google private equity unit CapitalG, Redpoint Partners, New Enterprise Associates, Mayfield Fund, and Qualcomm Ventures. The new funding will be used to fuel the company’s global expansion, with a particular focus on Australia, Japan, and South Korea regions.

MapR also said it hopes to be cash neutral by the end of 2018.

About the big data company

Founded in 2009 and based in San Jose, California, MapR Technologies is an enterprise software company that provides the MapR Converged Data Platform. The platform allows companies to harness the power of big data by combining analytics in real-time with operational applications to get more improved business results.

The startup provides an Apache Hadoop distribution, including a distributed file system, a set of data management tools, database management system and other related software. The company’s Apache Hadoop distribution provides improved computing performance along with full data protection, dramatic ease of use and no single point of failure.

The startup has recently signed a technology licensing agreement with EMC for its Apache Hadoop distribution. The MapR’s Apache Hadoop distribution was selected by Google as a technology partner and also picked up by Amazon in its Amazon Elastic Map Reduce service.

In addition to MapR Converged Data Platform, the company also contributes to Apache Hadoop projects like HBase, Pig programming language, Apache Hive, and Apache ZooKeeper.

MapR still has no plans for IPO

As mentioned earlier by Forbes, the company still has no time table for its IPO. Forbes has had some conversation with MapR CEO Matt Mills. The CEO said that they still have no timetable for IPO and that they plan to do it at the right time.

The Palo Alto-based startup has been among those watched for an IPO debut over the past couple of months as rival big data companies made their own IPO debuts.

Hortonworks first launched its IPO in December 2014 and its second one in January 2016. Cloudera went public in April 2017. As for MapR, the company hired IPO specialist firms to explore and pursue its own IPO process, Forbes reported.