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California-based global SaaS platform, Parablu has raised over $1 Million in pre-Series A round funding led by Inflection Point Ventures.
“The funds raised will be utilized for sales & marketing, targeted towards expanding distribution channels and penetrating new markets in North America and to accelerate the engineering roadmap,” the Startup said.
Commenting on the funding Parablu, Ankur Mittal, Co-Founder of Inflection Point Ventures stated, “Data is the most important currency for companies irrespective of size. Data storage and management is an expensive affair when done in-house/offsite. Parablu provides a highly secure data management solution for companies across the globe, that is compliant with data privacy laws in different geographies.”
“During these times of work from home, the need for secure data management has grown exponentially. Parablu has won businesses from large conglomerates and displaced well-funded competitors. We look forward to being a part of Parablu’s next phase in their growth journey,” Mittal added.
Talking about the fundraise, Anand Prahlad, President & CEO of Parablu said, “We couldn’t be more excited about the partnership with Inflection Point Ventures. Being an IPV-backed startup is more than just about raising capital. IPV understands our business. They have shown a willingness to roll up their sleeves and help us in terms of real advisors while connecting us with potential customers and channel partners. We’re looking forward to an exciting ride together as we continue to build and expand the business into new markets.”