ParStream, a Palo Alto, CA- Cologne, Germany- and Paris, France-based real-time Big Data analytics database provider, has closed a $5.6m Series A financing.
In conjunction with the funding, Shirish Sathaye, partner at Khosla Ventures, will join ParStream’s board.
The company intends to use the funding to further invest in its product roadmap and to accelerate its growth in the US, where it recently opened US headquarters in Palo Alto, California, and global markets.
Founded in Germany in 2008 by Mike Hummel, CEO, and Jörg Bienert, CTO, ParStream has produced an analytics engine that combines a compressed indexing method with massive parallel processing to deliver real-time and low latency results for Big Data analytics. It enables customers across several industries to gain new insights from Big Data in real-time and it is currently used in marketing analytics, customer analytics, operations analytics, research and other scenarios.