NEWS & VIEWS

Global private equity and venture capital news and research

Ignition Partners leads $15m Series B round for mystery big data business BlueData

24 Sep 2013

network dataVenture capital firm Ignition Partners has led a $15m Series B financing round for big data private cloud startup BlueData.

Existing backers Atlantic Bridge Ventures, Intel Capital, Amplify Partners and Data Collective also took part in the funding round alongside ServiceNow CEO Frank Slootman, Riverbed president Eric Wolford and Maginatics CEO Amarjit Gill.

The company, which is keeping its first product well under wraps, was founded last year by former VMware vice president Kumar Sreekanti and senior architect Tom Phelan.

Ignition managing partner Nick Sturiale will join BlueData’s board of directors as part of the financing.

He said, “BlueData’s purposeful and innovative approach to big data struck a chord with us.

“We are thrilled to work with Kumar and his team, and believe the company has real potential to make a big difference in the Big Data world.”

The investment comes almost six months after Ignition closed its fifth fund on $150m following a significant restructuring in which it scales back its fundraising ambitions.

The Washington-based firm, which was co-founded by former Microsoft Windows veteran Brad Silverberg, collected $400m for its last vehicle in 2007, and $285m for its first institutional fund in 2001.

Reducing the fund target helped Ignition complete a fast fundraise, however, with the Ignition Venture Partners V becoming oversubscribed in less than three months.

Copyright © 2013 AltAssets

FUNDRAISING & INVESTOR RELATIONS


Legals & Terms of UsePrivacy Policy


AltAssets is registered as a trademark of Investor Networks Limited (06695690).
Registered Office: Zetland House, 5-25 Scrutton St, London EC2A 4HJ
Content is © AltAssets 2000-2014