ParElastic Obtains Additional Series A Funding of $5.7M
ParElastic Corporation, the purveyors of cloud data management business, announced today that they were able to obtain an additional $5.7M in their Series A batch financing, The financing round was headed by General Catalyst Partners with existing investors such as LaunchCapital, Point Judith Capital and CommonAngels.
The Series A has brought a total of $8.7 Million finances to ParElastic. As part of the deal, Ken Rugg and Amrith Kumar, founders of ParELastic, will be joined by Larry Bohn, Managing Director of General Catalyst, in the Board of Directors. Other members of the Board of Directors are John Landry, a serial capitalist who previously sat in strategic technology leadership positions at Dun & Bradsheet, Cullinet, IBM and Lotus together with founder and CEO of Applix and Netezza Jit Saxena.
Mr. Rugg said "We are thrilled to have Larry join the ParElastic board. Larry brings tremendous experience both because he knows what it takes for companies like ours to be successful and scale, and because he has seen his own portfolio companies struggle with exactly the challenges that our solution can address."