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DAILY NEWS AND INFORMATION FOR THE GLOBAL GRID COMMUNITY /
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Systems/Enterprise:
POWERLLEL RAISES $5.6M IN FIRST ROUND OF VENTURE FUNDING
Powerllel Corp, a provider of breakthrough parallel computing software
solutions for enterprise-wide business applications, announced it has raised
$5.6 million in its first round of venture financing. The investment round was
co-led by Kodiak Venture Partners and Castile Ventures. The company will use
the new capital to fund growth in the company's sales and marketing
initiatives and further enhance product development resources.
"Kodiak and Castile offer world-class industry and operational expertise which
will be instrumental in driving licensing revenue to record levels," said Joe
McCurdy, CEO of Powerllel. "Their investment allows us to leap frog our direct
and channel sales efforts as well as expand our industry lead as innovators in
parallel enabling application-centric solutions."
Powerllel provides solutions for accelerating the performance of applications
by adapting them to run in a parallel and distributed computing environment.
Powerllel reduces the development time, costs and risks associated with
implementing distributed and parallel computing solutions. Its software can be
used with new, existing and legacy applications. Initially developed for
financial services applications, Powerllel's parallel computing software is a
breakthrough solution for multiple industries, including energy,
manufacturing, and life sciences. The diverse requirements of these industries
validate the broad relevance and flexibility of the Powerllel software.
"It is thrilling to take the company to the next level with focused and
knowledgeable venture investors," said Eliot Listman, founder and executive
vice president of Powerllel. "The timing of adding to our team with
experienced management is ideal as the market is ready for Powerllel's value
in enabling order of magnitude application performance improvement using
parallel computing on Grids and clusters. "
"With business and market pressures increasing, more and more organizations
are leveraging Grid computing solutions to streamline compute-intensive
processes to sharpen competitive advantage," said Songnian Zhou, CEO of
Platform Computing. "Powerllel's unique technology turbo charges applications
in a distributed and Grid computing environment, enabling firms to conduct
business faster, but with fewer operational resources and at a lower cost."
"Businesses are struggling to speed their enterprise applications and to
improve overall operations," said John Abraham, a general partner at Kodiak
Venture Partners. "Powerllel's technology addresses this issue by delivering
enormous performance improvements for time-critical business applications
which allows enterprises to run faster and more accurately."
"Powerllel is at the forefront of enabling clustered and Grid computing to
operate in commercial data centers and is well positioned to assume a dominant
role," said Marcia Hooper, partner at Castile Ventures. "Increasingly,
enterprises in a wide variety of industries are seeking the ability to run new
and legacy applications on clustered and Grid computing at high performance
levels. By delivering critical supercomputing power based on an easy to adapt,
manage and deploy software platform, Powerllel represents an outstanding value
proposition to the enterprise and investment opportunity for Castile."
John Abraham and Marcia Hooper join Joe McCurdy and Eliot Listman on
Powerllel's board of directors.
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