June 3, 2014
Big data applications infrastructure company Concurrent has raised $10 million in its Series B funding.
Bain Capital Ventures, a new investor in Concurrent, led the round with participation of existing investors Rembrandt Ventures and True Ventures. Previously, Concurrent had raised $4.9 million in funding.
Concurrent says it will use the financing to drive research and development of its high profile product Driven, an application performance management product for data-centric applications, and Cascading, an application development framework for building data-oriented applications.
Concurrent particularly helps enterprises and organizations who are adopting Hadoop to build, deploy and manage data-centric applications to meet growing business demands.
“Our investors’ confidence in Concurrent and this latest round of funding supports our strategy and proven leadership in providing Big Data application infrastructure to enterprises. 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. This funding will not only enable us to drive our R&D execution, but will also allow us to expand operational capabilities to support our rapidly expanding user and customer base,” said Gary Nakamura, CEO, Concurrent, Inc.
“Concurrent continues to propel innovation forward and exemplifies just the type of company Bain Capital Ventures looks to invest in – a business at the forefront of a hot market, with a uniquely developed, defined and widely adopted technology, and a highly seasoned executive team that understands how to best serve the enterprise application infrastructure market. The growth opportunity is huge, and I look forward to serving on the company’s board to contribute to Concurrent’s future direction and growth,” commented Salil Deshpande, managing director, Bain Capital Ventures, and a new member of the Concurrent Board of Directors.
The San Francisco-based company services the market in Big Data application infrastructure with its products Cascading and Driven. Cascading recently surpassed more than 150,000+ user downloads per month.
The company also has strategic partnerships with Hortonworks, Rackspace, EPAM and Databricks.
Concurrent was selected to CRN’s Big Data 100 in the “Big Data Infrastructure Tools and Services” and “Emerging Big Data Vendors” categories.The company also received recognition from the SD Times editors for the publication’s annual SD Times 100 in the “Big Data and Business Intelligence” category.