CJ Ariotta, Talkin’ Cloud
June 2, 2014
Big data startup Concurrent, Inc. on Monday secured $10 million in Series B financing, with the hopes of furthering its product development and operational capabilities.
The Series B financing round was led by new investor Bain Capital Ventures, with the participation of existing investors Rembrandt Ventures and True Ventures.
The San Francisco-based application development company that specializes in assisting developers with the Apache Hadoop open-source software framework said it will also use the additional funding to scale its operations to meet growing customer demand.
Concurrent’s portfolio includes two major solutions: Driven, an application performance management product for data-centric applications; and Cascading, an application development framework for building data-oriented applications
Concurrent CEO Gary Nakamura said in a prepared statement that the financing round will be used to execute the company’s research and development plans for the expansion of operational capabilities.
“Recognizing the maturing needs of the enterprise and emergence of new technologies, we are giving organizations the application development tools and management products they need to deliver today and in the future,” he said.
Concurrent raised $4 million in Series A funding back in March 2013, a round led by True Ventures and Rembrandt Venture Partners.