Amazon Invests in Big Data Startup, ParAccel Pushes On
ParAccel Inc., one of the emerging companies in big data analysis, announced the closure of its Series E funding round with Amazon joining in with other ParAccel investors – Menlo Ventures, Mohr Davidow Ventures, Bay Partners, Walden International, Tao Venture Capital Partners and Silicon Valley Bank.
The total funding raised has not yet been disclosed, however Derrick Harris from GigoOM reported that ParAccel has now raised $73 million since 2005. As of the Series C round in 2009, the company earned $50 million of funds, however, financial details of the last two rounds were not disclosed.
“Our investors recognize the value of conducting unconstrained analysis on massive amounts of data to generate business insight in near real time. ParAccel enables large enterprises to use all of their data in ways that were previously not possible to drive business success,” commented Chuck Berger, ParAccel’s chairman and CEO. “ParAccel’s software platform delivers the highest absolute performance as well as the best price – performance on industry standard hardware avoiding the high cost of custom appliances and leveraging customers’ existing IT staff and infrastructure.”
ParAccel’s database management solution is one of the best in its kind. Their analytic database platform could quickly analyze large quantities of data which can be very beneficial for cloud computing companies. However, the startup company has yet to regain a stronghold on the market with the advent of competitors like Vertica, Greenplum, Netezza and Aster Data. Most of these competitors are already acquired by big tech companies like HP, EMC, and IBM. One of the most notable was the Greenplum acquisition of EMC earlier this year.
Amazon sees significant value in ParAccel’s advanced technology and position itself as a mere investor for now. With its retail business and cloud computing services, Amazon could see a lot of opportunities for investing in ParAccel. However, ParAccel’s CEO is quick to point out that the company will still remain as an independent company and expresses plans to take it to public by 2013.
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