June 29, 2009
Based in Cupertino, California, analytic database parallel provider, ParAccel announced today that it had just received $22 million in series C funding from Menlo Ventures. As part of the agreement with this round of funding, Menlo Ventures managing partner, John W. Jarve will join the company’s board of directors. Mr. Jarve has over 25 years of experience in the industry to the already top-noched board of directors.
ParAccel is a company that has developed and is the provider of the ParAccel Analytic Database, which is a high-speed parallel for data warehousing. Besides its headquarters in Cupertino, ParAccel also has offices in San Francisco. ParAccel has been known for not only top of the line quality in analytic database development, but ParAccel’s systems are also cost effective. ParAccel has also received big names as customers, such as Merkle and TRX; which use ParAccel’s systems to expand their analytic performance.
Proceeds from this funding will go to expand product development and to accelerate sales and marketing, as well as to ramp up services and customer support to accommodate the company’s rapid growth.
According to Mr. Jarve, ParAccel has shown a superior performance in the business analytic markets. So far the product and services that ParAccel provides is some of the best that the industry has to offer. Menlo ventures primarily invests in young companies that are prominent in their industry and have a plan or product that can disrupt the market.
Mr. Jarve has been a partner at Menlo Ventures for since 1985 years and during his tenure at the vc firm, he has invested in over 40 different companies, which are mainly in the communications, storage, semiconductor, internet, and software industries.
According to ParAccel’s CEO, David Ehrlich; the team at ParAccel is thrilled to have Menlo Ventures become an investor and welcomes Mr. Jarve to the company’s board of directors. Furthermore, this current round of funding from Menlo Ventures has added some more significance in the current investment climate. Moreover, ParAccel will use the proceeds from this funding to continue the development of its flagship product, the PaqrAccel Analytic Database, which is already one of the world’s fastest databases and soon companies of all industries and geographies have already shown interest in ParAccel’s product.
Founded in 1976, Menlo Ventures has invested in entrepreneurs who “think big.” Menlo Ventures has over $4 billion of committed capital under its management and the team at Menlo Ventures wholeheartedly believes in big ideas that have the potential for market disruption. Menlo Ventures mainly invests in companies who are in all sectors of the communications, IT, internet, and software industry. Some other companies in Menlo Ventures’ portfolio include Aspect, Divitas, Gronix, Hotmail (acquired by Microsoft), Basis, Latitude, Liveops, and others.
For more information about ParAccel, click here.