Business

Cloudant raises $12m in Series B funding

Cloudant, a Boston company whose technology helps Web and mobile app developers to scale their data, said Tuesday that it has raised $12 million in Series B funding from Devonshire Investors, the private equity firm affiliated with Fidelity Investments; RackspaceHosting; and Toba Capital.

Cloudant also said that current investors - Avalon Ventures, In-Q-Tel, Samsung Venture Investment Corp. - purchased additional shares.

According to its website, Cloudant was founded in Cambridge in 2008 by three MIT physicists who were frustrated by the available tools for managing and analyzing Big Data in their research.

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‘‘The market opportunity for managed, hosted databases is large,” David Jegen, managing director at Devonshire Investors, noted in a statement. And Cloudant is “in the sweet spot of this market.”

Chris Reidy can be reached at reidy@globe.com.