Tetrate Series Venturesshiebertechcrunch – Tetrate, the company born out of Istio’s open-source app networking project, raises $40 million
Tetrate, a company founded by Google’s former COO and cofounder of Istio operator Brocade presented its latest funding round on March 26. The startup has raised $40 million in Series C venture capital. It announced earlier this week that it would be building an API to help big companies with their app-based data analytics.
The company unveiled its alpha product at the start of this year. It is available in preview today to make it easier for companies like Facebook and Google to crunch through huge amounts of data. The product will be out of preview soon and open to everyone starting in March.
Tetrate is a startup that was founded by two former Google executives, Michael DeMichiel (Brocade’s former COO) and John Gage. The company makes it easy for companies like Facebook and Google to crunch through huge amounts of data. Getting data in and out can be a lengthy process, but Tetrate makes the process faster, easier and cheaper.
As part of its announcement, the company’s co-founders told CNBC that they had a hard time finding investors who believed that data analytics is going to be as big as some analysts predict it is. This is why it decided to raise money from investors such as Goldman Sachs and General Catalyst. The funding round valued the company at $460 million.
Tetrate’s underlying software was created by Brocade and was open-sourced under the Apache 2.0 license. It is also a play on the Tetris game in which users need to fit a certain amount of data into square blocks. The process involves writing code and making sure that there is only one copy of the code running across all the computers. This ensures that everyone gets an identical copy of what the company has for data analytics.
John Gage and Michael DeMichiel, the company’s co-founders, have both long histories with Google. They have started many other companies, which includes general voting service VoteHere.com that was acquired by Internet Voting in 2001.
Tetrate is at a stage where it needs more growth capital to help it compete with other big data analytics companies such as Amazon Web Services and Microsoft Azure. Goldman and General Catalyst also helped Tetrate raise money in September last year. This was a funding round worth $25 million.
The new capital will be used to continue developing the company’s software and hiring talent. Tetrate has offices in San Francisco, Palo Alto, New York, Singapore and Bengaluru.
Brocade has been in San Jose, California for the last few years and has designed its own switch for network operators and large customers. It is a play on the Tetris computer game in which users need to fit a certain amount of data into square blocks. The process involves writing code and making sure that there is only one copy of the code running across all the computers.
Tetrate is at a stage where it needs more growth capital to help it compete with other big data analytics companies such as Amazon Web Services and Microsoft Azure. Goldman and General Catalyst also helped Tetrate raise money in September last year. This was a funding round worth $25 million.
