Parascale Wins $11.3 Mn in Series A Funding
Date: Wednesday , July 02, 2008
The Cupertino based Parascale, a provider of cloud storage solutions for rich media content in traffic intensive applications, has nabbed $11.37 million Series A financing.
The round led by the venture capital firms Charles River Ventures and Menlo Ventures would support the company to forge its own place in the cloud storage market by adding the finishing touches to the vendor’s Parascale Cloud Storage (PCS) software, which is yet to be released.
With the momentum behind cloud services - which let users store and access data via the Internet - building up, Parascale CEO Sajai Krishnan is confident that the company will be able to create its own place in the market as the company is offering PCS as a low cost alternative to similar offerings from its rivals like Isilon and Amazon’s S3 service.
“The team, the cloud storage opportunity, and the software-only business model were very attractive to us, and the technology is truly disruptive. With Parascale’s offerings, content owners can easily roll their own cloud, and service providers can deploy massive cloud storage offerings without needing a large IT team to manage it,” says John Jarve, Managing Director, Menlo Ventures.
Krishnan finds that the immediate market in the streaming media space is about a billion dollars worth and it will ramp up by about 100 percent every year. With less than 50 employees, the company is scouting to innovate more on cluster storage market and Krishnan is charged to take the lead.