Funding Validates Innovative SaaS Approach to Data Warehousing and Business Intelligence
NEW YORK--March 10, 2010)--1010data, providers of data warehouse and business intelligence products and services, today announced a $35 million minority equity investment from Norwest Venture Partners (NVP), a leading global venture capital firm. 1010data's "transparent database" approach represents a paradigm shift for the industry that helps business users make critical decisions by closing the gap between users and their data. The company's namesake service eliminates 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 via a Web browser.
“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,” said Jon Kossow, Partner, Norwest Venture Partners. “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.”
For over a decade, 1010data has provided analytics, business intelligence and data publishing/warehouse services to companies in the financial services, retail, consumer packaged goods, and pharmaceutical sectors. 1010data works with leading companies such as: Bank of America, Dollar General, Equifax, GameStop, Goldman Sachs, JPMorgan Chase, NYSE Euronext, and Procter & Gamble.
The company was founded in 2000 by pioneers of large-scale data systems on Wall Street. Drawing on that experience and new technologies, 1010data developed an Internet/intranet-based service and the underlying software that makes it easy to acquire, organize, manage, and analyze large volumes of complex, interrelated data.
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.
“The capital from NVP will enable us to put added momentum behind our marketing and sales goals for 2010," said Joel Kaplan, President, 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."
The transaction closed March 4, 2010. With this commitment, Jon Kossow of NVP, will join 1010data’s board of directors.
About Norwest Venture Partners
Norwest Venture Partners (NVP) is a global venture and growth equity investment firm that manages more than $3.7 billion in capital. It has offices in Palo Alto, California, Mumbai and Bangaluru, India and Herzelia, Israel. NVP makes early to late stage venture and growth equity investments in U.S. and global companies across a wide range of sectors including: information technology, business services, financial services, infrastructure, technology enabled services and consumer. NVP has actively partnered with entrepreneurs to build great businesses for more than 49 years and has funded over 450 companies since inception.
Notable investments include Actel Corporation, Airespace (acquired by Cisco Systems), Cerent (acquired by Cisco Systems), Corio (acquired by IBM), Cray Research, Documentum, Extreme Networks , Forte Software (acquired by Sun Microsystems), Kace (acquired by Dell), LifeSize (acquired by Logitech), National Stock Exchange of India (NSE), Open-Silicon (acquired by Unicorn Investment Bank), PeopleSoft, Qumranet (acquired by Red Hat), Rackspace (NYSE:RAX), Siara Systems (acquired by Redback Networks), SideStep (acquired by Kayak), Spinnaker Networks (acquired by Network Appliance), Tivoli Systems (acquired by IBM), Transaction Systems Architects (Nasdaq: ACIW), Verio (acquired by NTT), Winphoria Networks (acquired by Motorola) and Yipes (acquired by Reliance/Flag Telecom). For more information, please visit www.nvp.com.