CommonAngels Leads $1.5M Seed Round for ParElastic
ParElastic, a developer of middleware for running big data applications more efficiently on the cloud, said it has closed a $1.5 million seed funding round, led by CommonAngels, with participation from Launch Capital and other investors. John Landry will be joining the company’s board of directors.
The company is setting up a development center in Toronto and is also looking for permanent office space in the Boston area, CTO and founder Amrith Kumar told me on a phone call today. Kumar previously worked at data technology companies such as Dataupia, Netezza, and Sepaton. Co-founder Ken Rugg had previous stints at Progress Software and eXcelon.
ParElastic’s technology is designed to enable cloud-based applications running on relational databases to better respond to spikes in demand, without having to run on high-capacity continuously. The idea is to cut down on operating costs and make it easier for developers to create database applications for the cloud.
“Big data is not only analytics, big data is there for everybody,” Kumar says. “That’s really what we’re trying to do—bring big data to the general purpose cloud, so everyone can benefit.”