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Waltham startup ParElastic Corp. has bumped up the $1.5 million seed round it announced in June to the planned cap of $2 million already.
According to a filing with the U.S. Securities and Exchange Commission, ParElastic tapped 43 backers in the round. In its earlier announcement the company said that the funding was led by CommonAngels. Listed as a related person in this new amendment to its original filing is angel investor John Landry, who was named to the board of ParElastic according to the June release.
Also listed as a related person in this latest filing, however, is ParElastic director Jit Saxena, a 2007 Mass High Tech All-Star, founder of Applix Inc. and co-founder of Netezza Inc. In addition to Saxena, David Martirano, a general partner at Point Judith Capital, is listed as a director and a related person in the new funding.
ParElastic is developing an elastic database middleware, intended to ease the demand on cloud-based databases that comes from heavy data reliance. The company was co-founded by Ken Rugg and Amrith Kumar. Rugg is the former senior vice president and general manager of Progress Software Corp.’s Enterprise Business Solutiosn division. Prior to that, he was chief technology officer and vice president of engineering. Kumar served most recently as vice president of technology and product management at Dataupia Corp.
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