German analytics platform ParStream has secured a Series A financing round of $5.6m led by Khosla Ventures and joined by Baker Capital, Crunch Fund, Data Collective, Tola Capital and a number of private investors.
Founded in Cologne, Germany, in 2008, ParStream offers a real-time platform for analysing massive amounts of data.
“ParStream is challenging the established database vendors with its unique approach to solving the need for analysing Big Data fast enough to drive realtime action. It allows companies to solve Big Data problems much faster and at a much lower cost and we see applications for this technology across several industries,” said Shirish Sathaye, partner at Khosla Ventures, who is now joining ParStream as board member.
ParStream was one of the companies selected to participate in the German Silicon Valley Accelerator (GSVA) programme at the beginning of the year and will use the proceeds to further invest in its product roadmap and to accelerate its growth internationally.
“We are very pleased,” said Dirk Kanngiesser, CEO of GSVA, “and the fact that a top-tier US venture capital firm invests in a German GmbH is something special and demonstrates the leading role and superior performance ParStream delivers for big data. Such an investment is not very common for German startup companies.”
GSVA is a three to six months acceleration programme for German Information and Communication Technology startups in Silicon Valley. It is supported by the German Federal Ministry of Economics and Technology (BMWi), the EXIST Program, and a variety of private sponsors, partners and donors.
Copyright © 2012 AltAssets.
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