Kevin C, Entrepreneur Sky
June 2, 2014
http://entrepreneursky.com/hadoop-startup-concurrent-secures-10-million-series-b-funding/
Hadoops very own startup, Concurrent, has recently secured a total of $10 million Series B in financial funding as a the surging enthusiasm surrounding the Big Data space continuous to grow.
The company’s flagship product is Cascading, a free bit of software that help out developers do the application development on top of Hadoop.
Troubles.
The company had ran into some unfortunate trouble during the previous year when it it gained over $4 million in Series A funding from True Ventures and Rembrand Venture partners, so they could continue funding the development of Cascade.
“In crisis there is opportunity,” chief technology officer Chris Wensel stated. ”By not having the capital and talent to boost our vision, we risk losing all we have done and will never reach the places we can see.”
After a year later, Things have manage to gone up hill for the company.”We’ve stabilized and built out the platform and made it very valuable,” Wensel told us by phone. Besides developing Cascading, the company has also pushed on with some associated projects such as “Patterns”, which makes it trivial to export machine-learning models from typical tech like MicroStrategies and onto Hadoop.
Growth.
Concurrent is currently seeing over “150,000 downloads a month” of its flagship Cascading software as of ” couple of months ago”, according to information provided by the chief executive Gary Nakamure. It also has recently manage to strategically partner up with companies including Hortonworks, Rackspace, and Databricks.
The recent boost of its product being adopted lead them to deciding on taking on even more money to continue funding its development, sales, and marketing of its commercial application performance management product “Driven.” There will also be more investment into the integration of various open source Hadoop-related projects to work along with Concurrent’s tech, including things such as Spark, Storm, and Apache Tez, Namakamure stated.
Bain Capital Ventures led the $10m round, along with the existing investors True Ventures and Rembrandt Ventures.