Concurrent Secures $4M to Simplify Big Data Vision
More money being thrown at Big Data solutions. Concurrent, Inc., the enterprise Big Data application platform company, secured $4 million in Series A funding led by True Ventures and Rembrandt Venture Partners.
“After our initial investment, we have watched Concurrent grow substantially and lead the Big Data application development market. The promise of its core technology, combined with the management team’s pedigree and Cascading’s success, continue to make this an exciting investment opportunity,” said Puneet Agarwal, Partner, True Ventures.
The $4 million Series A funding follows a $900,000 seed investment in 2011. The new round of funding will be used to “fuel product development, grow the core team and further deliver on the company’s vision to simplify Big Data application development on Apache Hadoop.”
“Since partnering with Concurrent in 2011, we have been impressed with the widespread adoption of its technology. We believe Cascading is an important innovation and is critical to the growth and sustainability of the Big Data technologies in the enterprise. We are excited about Concurrent’s success, and this additional financing from Rembrandt is a testament to the company’s talent, technology and ability to deliver next-generation Big Data application development and management solutions to the enterprise,” said In Sik Rhee, General Partner, Rembrandt Venture Partners.
Aside from the funding, Concurrent welcomes Gary Nakamura as its new CEO. Nakamura previously served as senior vice president and general manager of Terracotta, Inc. where he led strategy and oversaw operating profit and loss, and ran business operations including sales, marketing and product management.
“Our investors’ confidence in Concurrent validates our strategy and the pioneering work we have done since the launch of Cascading in 2008. This new investment will enable us to build on this foundation and accelerate our growth as we work to deliver our commercial product and grow the core team. I am excited to be joining Concurrent at such a pivotal time and look forward to driving the company’s continued growth and development,” said Nakamura.
Concurrent founder Chris Wensel will now serve as the company’s CTO leading product innovation and Cascading community engagement for the company. Cascading is the most widely used and deployed application framework for building robust, enterprise Big Data applications on Hadoop.
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