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.