ParElastic raises $5.7m in Series A round
ParElastic Corp., a Waltham company that helps it customers manage data in the cloud, announced Tuesday that it has raised $5.7 million in a Series A round.
The round was led by General Catalyst Partners, which has its East Coast office in Cambridge. The company’s existing investors, including Point Judith Capital, CommonAngels, and LaunchCapital, also participated, ParElastic said in a press release.
The new funding brings the total amount that ParElastic has raised to date to $8.7 million, the company said.
The company’s product, the ParElastic Database Virtualization Engine, allows users to execute workloads that exceed the capabilities of a single database server. It also allows them to handle high volume database workloads such as digital gaming, e-commerce, and social media applications.
Larry Bohn, managing director at General Catalyst, will join ParElastic’s board of directors.
According to a statement from Bohn, ParElastic’s platform “presents an opportunity to disrupt the $30 billion relational database industry as traditional IT migrates to the cloud, and new cloud-native applications emerge.’’