Date -2005-09-09
Charles River Ventures, Valhalla Partners Co-Lead Investment in Provider of Open-Source-Based Database Featuring Oracle Compatibility
EDISON, N.J., September 7, 2005 – EnterpriseDB Corporation, an enterprise database company, announced today a $7 million financing round, co-led by Charles River Ventures and Valhalla Partners. The funds will be used to enhance the company’s product development, customer support, and sales and marketing operations. As the recent recipient of the Best Database Award at LinuxWorld, EnterpriseDB has significantly enhanced PostgreSQL, the world’s most advanced open source database, to create an enterprise-caliber relational database management system that is compatible with many Oracle-based applications. Product downloads and more information may be found at www.enterprisedb.com.
In connection with the financing, Gene Riechers of Valhalla Partners and Austin Westerling of Charles River Ventures will join EnterpriseDB’s board of directors. Biographies of all EnterpriseDB directors may be found at www.enterprisedb.com/company/board-of-directors.
"EnterpriseDB has seen incredible market interest since its launch only three months ago. Coupled with its outstanding product quality and veteran executive team, this interest made the company an attractive investment," said Riechers. "We’re looking forward to working together to capitalize on the company’s early success."
"The good news is the database market is huge and our research with dozens of CIOs suggests that databases are the next natural step in the software stack for open source migration," said Westerling. "By creating an enterprise-class product that’s uniquely attractive to Oracle users, EnterpriseDB has positioned itself to address an immense market with a compelling offering."
The venture capital investment caps a summer-long series of EnterpriseDB milestones that began with the company’s public launch and beta product release on May 23rd. Since that time, the company has released the general availability version of its EnterpriseDB 2005 product, unveiled a series of initiatives to support and enhance PostgreSQL the open-source foundation of EnterpriseDB 2005, and announced software quality test results ten times better than competitor MySQL. In the company’s first three months, its software was downloaded more than 30,000 times. Most recently, EnterpriseDB won the LinuxWorld Product Excellence Award as Best Database, beating MySQL, Oracle and IBM’s DB2 for the honor.
"We’re pleased that investors as well-regarded as Charles River and Valhalla share our optimism about our ability to capture the opportunity that’s in front of us," said Andy Astor, EnterpriseDB’s CEO. "Their investment is a strong indication that we’re executing on the right strategy."
About Charles River Ventures
Founded in 1970, Charles River Ventures (CRV) is one of the oldest and most successful early-stage venture capital firms with nearly $2B under management. CRV is dedicated to helping exceptional entrepreneurs turn their ideas into the next category leaders in the data communications and software and services sectors. The firm’s investment returns are consistently among the highest of any venture capital firms. This superior investment record includes leading companies such as Cascade, Chipcom, CIENA, iBasis, Sybase, Sonus Networks, SpeechWorks International and Vignette. CRV has offices in Boston and Menlo Park, Calif. For more information, visit www.crv.com.
About Valhalla Partners
Valhalla Partners is a leading venture capital firm focused on working closely with entrepreneurs to build enduring technology companies. Valhalla assists entrepreneurs by offering both seasoned advice and best practices that have been developed over the last twenty years. During that time, the Valhalla team has invested in or served as senior executives in over 100 entrepreneurial companies. For more information, contact www.valhallapartners.com.
About EnterpriseDB Corporation
EnterpriseDB provides and supports enterprise-class databases that are based on time-tested open source, that are broadly compatible with proprietary databases and that are robustly reliable and scalable. EnterpriseDB was founded in March, 2004, and is headquartered in Edison, N.J. For more information, contact +1-732-331-1300 or visit www.enterprisedb.com.
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