1010data secured a $35 million minority equity investment from global venture capital firm Norwest Venture Partners (NVP).
1010data’s “transparent database” approach that helps business users make critical decisions by closing the gap between users and their data.
The company’s namesake service takes out the need for upfront design and development cycles, data marts, OLAP cubes, indexing and key-field definition, and allows the most granular or even raw data to be stored and accessed by users through a Web browser.
The equity deal closed March 4. With this commitment, an NVP partner Jon Kossow will join 1010data’s board of directors.
“We believe that 1010data is transforming the data analytics market, and we are pleased to have the opportunity to make this investment in the company,” Kossow said. “1010data has an experienced team and offers a truly disruptive solution. We are proud to be associated with the company, and look forward to great things in 2010 and beyond.”
“The capital from NVP will enable us to put added momentum behind our marketing and sales goals for 2010,” said Joel Kaplan, CEO and co-founder of 1010data. “NVP also brings a great deal of experience and marketing intelligence to the table, and we appreciate their confidence and support.”
1010data’s database management system differs significantly from others on the market in that it is architected to handle very large databases at a fraction of the cost, with much higher performance, and without the extensive upfront investment in time and effort of competing products.