RainStor, a provider of database management solutions for big data, has raised $12 million in Series C funding.
Taking part in the investment round was Credit Suisse and Rogers Venture Partners. Existing investors Doughty Hanson Technology Ventures, Storm Ventures (News - Alert) and the Dow Chemical Company also participated.
The money will be used to speed up engineering, and expand sales and marketing departments.
The company targets financial services, government offices, communications and other sectors. RainStor’s database is used by over 100 enterprises.
“We are very excited about this new investment which will not only help speed our growth in the Big Data market but is tremendous validation from the financial services and communications companies which we have been serving for a number of years,” according to a statement by John Bantleman, RainStor’s CEO, that was carried on TMCnet. “Banks and communications operators have been living with big data for a long time and they absolutely require an enterprise-grade, standards-based database that will allow them to scale and grow their information-centric businesses at an acceptable cost.”
“Driven by compliance regulations, banks and financial institutions are now required to retain and analyze petabytes of data,” added Peter Norley, managing director at Credit Suisse. “Compounded by rapid growth, current needs exceed the capacity of existing database and data warehouse environments. RainStor has built a unique combination of database capabilities that have proven essential for financial institutions in order to sustain growth levels in the most cost effective way, while meeting regulatory needs.”
RainStor’s technology lets businesses and other organizations compress data. That leads to lower storage costs.
In a related matter, RainStor will earn almost $10 million in 2012 and is “close to profitability,” Bantleman told CIO Journal. “We’re not raising money to pay bills. We’re raising money to scale.”
Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO Austin 2012, happening now in Austin, TX. Stay in touch with everything happening at ITEXPO (News - Alert). Follow us on Twitter.