COLOGNE, Germany and PALO ALTO, California, August 14, 2012 /PRNewswire/ --
Real-time Big Data analytics database provider ParStream today announced that it has closed a $5.6 million round of series A financing led by Khosla Ventures. In addition to Khosla Ventures, investors include Baker Capital, Crunch Fund, Data Collective, Tola Capital and private investors. Shirish Sathaye, partner at Khosla Ventures, will join ParStream's board.
Founded in Germany in 2008, ParStream has produced an analytics engine that combines a unique compressed indexing method with massive parallel processing to deliver real-time and low latency results for Big Data analytics. This approach has been gaining recognition for ParStream, including recently being named a "Cool Vendor" by Gartner Research. The company financed its product development through investments from the founders and angel investors. ParStream enables customers across several industries to gain new insights from Big Data in real-time and it is currently used in marketing analytics, customer analytics, operations analytics, research and other scenarios.
"We will use the proceeds of this round to further invest in our product roadmap and to accelerate ParStream's growth in the US and global markets," explains Mike Hummel, CEO and co-founder of ParStream. "We recently opened our US headquarters in Palo Alto, California and are receiving strong interest and demand from enterprise customers and independent software vendors who are building solutions that capture the opportunity associated with real-time data analytics delivered by our platform."
"The ParStream database has been engineered for speed from its inception - combining unique algorithms with leading-edge technology like compressed bitmap indices and massive parallel processing. The database delivers sub-second response times on billions of data records, while continuously importing new data with very high throughput." explains Jörg Bienert, CTO and co-founder.
"ParStream is challenging the established database vendors with its unique approach to solving the need for analyzing Big Data fast enough to drive real-time action. It allows companies to solve Big Data problems much faster and at a much lower cost and we see applications for this technology across several industries." says Shirish Sathaye, partner at Khosla Ventures and ParStream board member.
ParStream is the provider of a real-time, low latency Big Data analytics platform invented and developed in its Germany based engineering center. Based on its unique indexing technology and highly parallel architecture, ParStream filters and analyzes billions of records in sub-second time while continuously importing new data. ParStream's has offices in Palo Alto, Cologne, and Paris. For more information, please visit: http://www.parstream.com .
About Khosla Ventures
Khosla Ventures offers venture assistance, strategic advice and capital to entrepreneurs. The firm helps entrepreneurs extend the potential of their ideas in breakthrough technologies in clean energy, mobile, IT, cloud, big data, storage, health, food, agriculture and semiconductors. Vinod Khosla founded the firm in 2004 and was formerly a General Partner at Kleiner Perkins and co-founder of Sun Microsystems. Khosla Ventures is based in Menlo Park, Calif. More information is available at http://www.khoslaventures.com.
About Baker Capital
Baker Capital is a New York-based private equity firm that has raised over $1.5 billion in committed capital. Founded in 1995, Baker Capital invests globally in digital communications, media and technology at all stages of development. The partners of Baker Capital have extensive private equity and operational experience and deep industry relationships, allowing the firm to provide its portfolio companies with not only capital but also valuable strategic thinking and relationships. The firm's portfolio includes companies such as Wine.com and Interxion (NYSE: INXN) among others.
CrunchFund is an early stage venture capital firm founded by Michael Arrington, Patrick Gallagher, and MG Siegler. The fund invests in and works with information technology companies at any stage but is primarily focused on seed and early stage investments. The firm raised its inaugural $20 million fund in September of 2011. Investors in CrunchFund include AOL, Accel Partners, Austin Ventures, Kleiner Perkins Caufield & Byers, Greylock Partners, Redpoint Ventures, Sequoia Capital, the founding partners of Andreessen Horowitz, each of the general partners of Benchmark Capital, Ron Conway, Yuri Milner, Brad Garlinghouse & Kevin Rose. For more information please visit http://www.crunchfund.com
About Data Collective
Data Collective is a venture fund with a unique team of experienced venture capitalists, technology entrepreneurs and practicing engineers, investing together in seed and early stage Big Data and IT infrastructure companies. Data Collective's leaders have been investing for two decades, with over 100 companies still going strong and 40 material exits to date for entrepreneurs and investors. The firm brings to bear more than 35 experienced technology executives and experts (CTOs, CIOs, Chief Scientists, Principal Engineers, Professors at Stanford and Berkeley) with significant tenures at institutions ranging from Akamai to Zynga. For more information visit http://www.dcvc.com.
About Tola Capital
Tola Capital is a private equity firm focused on investments in enterprise software companies. It works closely with portfolio companies to add value to their businesses based upon deep experience and understanding of growth levers for the software industry. The firm invests in businesses in North America, Europe, and India. Tola Capital was founded in 2010 by Sheila Gulati, who has a long history within the software industry, most recently as a General Manager at Microsoft Corporation.
Alessandra da Silva Huber