Arnal Dayaratna, Ph.D., Cloud Computing Today
June 2, 2014
Concurrent Inc. today announces the finalization of $10M in Series B funding in a round led by new investor Bain Capital Ventures, with additional participation from existing investors Rembrandt Ventures and True Ventures. Salil Deshpande, Managing Director of Bain Capital Ventures, will join Concurrent Inc.’s board of directors as a result of today’s funding raise. The funding will be used to accelerate the development of Concurrent’s commercial product Driven as well as Cascading, the framework for developing and managing Big Data applications. Driven fills a critical void within the Big Data industry by providing customers with visibility regarding application performance on Hadoop while Cascading represents one of the most widely used frameworks for application development on Hadoop. Concurrent’s Series B funding raise comes hot on the heels of its elaboration of details regarding Cascading 3.0 and the announcement of partnerships with Hadoop vendor Hortonworks and Databricks. Scheduled for release in the early summer, Cascading 3.0 features support for technology platforms and computational frameworks such as local in-memory, Apache MapReduce and Apache Tez. Meanwhile, Cascading’s partnership with Hortonworks integrates the Cascading SDK into the Hortonworks Data Platform under the terms of an agreement whereby Hortonworks will certify, deliver and support the Cascading framework. Today’s funding raise provides further validation of Concurrent’s business model and empowers it to consolidate its early positioning as a leader in the Big Data space, with specializations in applications that streamline and simplify Hadoop application development and cluster management. With its new round of funding in hand, the industry expect Concurrent Inc. to obtain more traction around its flagship product Driven as it continues to innovate at the forefront of technology platforms that facilitate the effective operationalization of Big Data. Today’s Series B announcement brings the total capital raised by Concurrent Inc. to $14M by building upon a March 2013 Series A round of $4M.