ParAccel Lands $22 Million in VC Funding
ParAccel, which has offices in Cupertino, CA, and San Diego, says it has raised $22 million in a Series C round of venture funding. The company provides database management system for data warehousing and analysis.
A new investor, Menlo Ventures, led the round, which included Walden International as well as previous investors Bay Partners, Mohr Davidow Ventures (MDV), and Tao Venture Partners. San Diego’s Enterprise Partners Venture Capital, an early backer of the company, is missing from the round, according to SoCalTech.com. ParAccel board member Tom Clancy is a former managing director at Enterprise Partners and now a managing director at Tao Ventures, which also participated in the round.
ParAccel says the new funding will be used to “expand product development, accelerate sales and marketing and ramp up services and support to manage its rapidly growing customer base.” ParAccel was started in October 2007 by CTO Barry Zane, a former co-founder of Netezza. The Cupertino-based company has previously raised nearly $30 million, and has approximately 60 employees.