WALTHAM, MA--(Marketwired - Apr 9, 2013) - ParElastic Corporation, an emerging leader in cloud data management, announced today that it has raised $5.7M in a Series A round financing led by General Catalyst Partners. The company's existing investors including Point Judith Capital, CommonAngels and LaunchCapital also participated in the round. The Series A brings ParElastic's total financing to $8.7M.
Larry Bohn, Managing Director at General Catalyst, will join the ParElastic board of directors alongside the company's founders, Ken Rugg and Amrith Kumar, and noted industry veterans and entrepreneurs, Jit Saxena, founder and CEO of Netezza and Applix, and John Landry, a serial entrepreneur who has held strategic technology leadership positions at IBM, Lotus, Dun & Bradstreet and Cullinet.
"We are thrilled to have Larry join the ParElastic board," said Mr. Rugg, founder and CEO of ParElastic. "Larry brings tremendous experience both because he knows what it takes for companies like ours to be successful and scale, and because he has seen his own portfolio companies struggle with exactly the challenges that our solution can address."
The company's product, the ParElastic Database Virtualization Engine™ allows users to execute workloads that exceed the capabilities of a single database server. Unlike NoSQL or NewSQL solutions, however, which require the migration to new database technologies, ParElastic does this by making multiple standard database servers work together as a single virtual database, provisioning only the resources needed to satisfy the demands of the application at any given instant, and requiring absolutely no changes in application code.
In addition to allowing clients to handle high volume database workloads like digital gaming, eCommerce and social media applications, the product's multi-tenancy features make it ideal for SaaS environments and, in the future, true relational Database as a Service.
"The unique combination of elastic scalability and multi-tenancy creates the perfect platform to deliver a transparently-scalable, relational Database as a Service (DBaaS), something that has been impossible until now," said Bohn. "This presents an opportunity to disrupt the $30B relational database industry as traditional IT migrates to the cloud and new cloud-native applications emerge."
In its short life, the company has already been issued 3 patents for the innovative technology behind its product, the ParElastic Database Virtualization Engine™. The solution combines the proven scalable architecture of a parallel database with the flexibility of the cloud and the maturity and stability of standard MySQL servers, while requiring no changes to application code or the introduction of complex sharding code.
About General Catalyst Partners
General Catalyst Partners is a venture capital firm that invests in exceptional entrepreneurs who are building the technology-based companies that will lead innovation and transform industries. Founded in 2000, General Catalyst Partners leverages its principals' extensive operational, business development and technological expertise to provide portfolio companies with a catalyst for success through business-building and partnership development assistance. General Catalyst has offices in Cambridge, MA and Palo Alto, CA. For more information, visit: www.generalcatalyst.com
About Point Judith Capital
Point Judith Capital (PJC) is a leading early stage venture capital firm based in Boston, MA. The firm focuses on three rapidly growing sectors rich with innovation: Clean Technology, Internet Technology, and Healthcare Technology. Building positive and collaborative relationships with portfolio company management, the Point Judith Capital Partners take a hands-on approach to investing. PJC's investment approach is based on the core belief that with the right capital and support, great entrepreneurs can build market-leading companies. For more information, visit: www.pointjudithcapital.com .
About ParElastic
Founded in 2010, ParElastic is led by industry veterans with deep database expertise. Heralding from Progress Software and Netezza, co-founders Ken Rugg, CEO, and Amrith Kumar, CTO, understand scalability from years of hands-on experience building some of the world's largest and most complex systems.
ParElastic's patented technology is the only solution that brings the flexibility of cloud architectures to all dimensions of your database. Leveraging existing MySQL servers ParElastic enables unprecedented adaptability to ever changing workloads and information consumption patterns. The ParElastic Database Virtualization Engine™ dramatically increases flexibility by enabling elastic capacity. For more information visit: www.parelastic.com .
Flex Your Database™, ParElastic Database Virtualization Engine™ and the ParElastic logo are trademarks of ParElastic Corporation. All other trademarks are property of their respective owners.
Contact: Cathy Maynard-Stedman 781-609-7901 Email Contact
