Funding will accelerate already rapid market adoption of Riak, Basho’s industry transforming distributed database software.
CAMBRIDGE, MA – August 9, 2010 – Basho Technologies, Inc. today announced it has secured $2 million from a diverse collection of angel investors in a Series C preferred equity financing. Eschewing traditional early-stage funding sources in the venture capital industry, Basho instead cultivated a network of entrepreneurial angels with an appetite for disruptive technologies like Riak who were eager to fill the post- economic collapse investment gap. The company forecasts this financing will carry it to profitability by mid-2011.
“We have an innovative product in Riak so it is only fitting we have pursued a similarly innovative financing strategy,” said Earl Galleher, Chairman and CEO of Basho. “We have been fortunate to find a network of angels who understand our market and value what we have accomplished to date. Our investors have given us the time and opportunity to fully develop our product vision and to prove our market plan.”
Founded in 2008 by former Akamai Technologies (NASDAQ: AKAM) executives and senior engineers, Basho designed Riak to free corporations from the constraints of traditional, highly centralized database architectures (like those offered by Oracle, IBM, Microsoft, etc.). Enterprises like Comcast, Wikia Inc., Mochi Media, and Vibrant Media use Riak not just as an alternative to traditional databases but as the cornerstone for previously uncontemplated application architectures.
“In the late 1990s, the founders of Akamai solved the complex problem of a growing Internet by allowing anyone with a website to efficiently distribute content around the world on any network,” continued Mr. Galleher. “Ten years later, we are doing something similar but with a much more complex and expensive problem, the database
itself. We and our investors believe Riak will rapidly transform the entire database industry.”
Applications built with Riak can sustain catastrophic server, data center, and network failures without outages while avoiding the complexity and expense that characterize applications built using traditional, highly centralized databases. Optimized for the emerging class of “cloud” infrastructure, organizations building applications using Riak can scale out dynamically to handle sudden surges in load and scale back when load decreases to reduce expenses.
About Basho Technologies
Basho Technologies, Inc., founded in January 2008 by a core group of software architects, engineers and executive leadership from Akamai Technologies, Inc. (Nasdaq: AKAM) is headquartered in Cambridge, Massachusetts. Basho produces Riak, a distributed data store that combines high availability, easily-scalable capacity and throughput, and ease of use. Riak’s high availability data store means that applications built using Riak remain both read and write available under almost any operational conditions and without requiring intervention. Available in both an open source and a paid commercial version, Riak provides unprecedented read- and write-availability to web, mobile, and enterprise applications.
CEO, Basho Technologies, Inc.