13
Jan
Posted by Mayank Bawa in Blogroll on January 13, 2009

We announced today that we have raised $12M in our Series B funding.

We’re thrilled that our vision and message have resonated so well in these times when investors have become extremely selective. And frankly that is because our message is resonating so well with our customers: within 4 months of publicly launching the company in May 2008, our customer base had grown to double digits with several of our customers deploying/considering a second production system.

The inside story is that we had scheduled our first meetings to raise Series B for the week of October 5. It turned out to be the week of a perfect financial storm. The week began with Iceland’s currency dropping 30% against the Euro. On October 6, several European governments stepped up to guarantee bank deposits. On October 7, as Iceland and Russia exchanged Yes and No statements on a Euro 4B loan, Sequoia Capital gathered its portfolio CEOs in an auditorium and warned them (and by the power and reach of the Web, every venture capitalist, entrepreneur, executive and journalist) that the time had come to “Get Real or Go Home”. By October 10, the cost of short-term credit had spiraled up and as a result DJI dove to 8,451 from 9,955 at the start of the week, its lowest point in the previous 5 years.

Tasso and I still went to our scheduled meetings to present Aster’s opportunity and our customer adoption, and got invited back. In the next 5 weeks, as the financial markets continued their drop off a cliff, we continued to receive strong interest for investing that matured with multiple term-sheets for us to consider.

We were very excited to accept JAFCO Ventures as our new investor to lead Series B. We signed our term-sheet with JAFCO on November 10, a fast turn-around by any standard and an incredible one given the roller-coaster the world was riding. As a previous investor in DATAllegro (acquired by Microsoft), we are beaming that JAFCO Ventures chose to back us against the big giants in the DBMS market. Return-backer Sequoia Capital also has significant experience in the space, having been an early investor in the now-public Netezza. It is a great vote of confidence that the two VCs who understand the data warehousing space the best have chosen to invest in Aster as we lead the revolution in next-generation data warehousing.

In addition, we also announced today that Ben Horowitz, former CEO of Opsware, has joined our company advisory board. Ben co-founded Opsware and built it into one of the great enterprise technology companies of this era. Ben provides us a wealth of experience to tap into for growing an enterprise software company from scratch to $1B+.

We will use this funding and support to fuel our growth. There is a big opportunity in working with customers and partners to help change how people and applications use data. And we intend to rise to the opportunity!

Bookmark and Share

Comments:
Posts about Entrepreneurs as of January 13, 2009 | The Lessnau Lounge on January 13th, 2009 at 8:37 am #

[...] as this one. If you look around you at the world, the economy is currently in a detrimental state A New Round of Financing - asterdata.com 01/13/2009 We announced today that we have raised $12M in our Series B funding [...]

TK on January 13th, 2009 at 9:01 am #

Congratulations Aster!
Your product is very exciting for the future of Next Generation Data Warehousing

Amr Awadallah on January 13th, 2009 at 3:28 pm #

Congrats to the Aster team, very happy for you.

- amr

Aster Data raises another $12M - call me recession-proof | opencoffee.gr on January 13th, 2009 at 4:17 pm #

[...] exactly that kind of news broke out (official blog post is here): Aster Data raised a $12M second round of funding (right in the middle of recession), making them [...]

Gaurav on January 13th, 2009 at 10:25 pm #

Congrats Mayank! This is good validation for where you are and what you guys are doing.

Winning with Data: Aster Data Systems Blog » Blog Archive » A $5.1M Addendum to our Series B on February 25th, 2009 at 5:09 am #

[...] We announced today that we’ve raised another $5.1M as an addendum to our Series B. [...]

[...] report after just 6 months of coming out of stealth mode, and I predicted then that 2009 would be a big year for [...]

Post a comment
Name: 
Email: 
URL: 
Comments: