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Bangalore based Parallocity secures “A Series” funding from Accel Partners for accelerated growth

Team YS
9th Nov 2010
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Leading venture capital firm to help Parallocity in increasing customer base with its dynamic defect detection solutions.

  • Subrata Mitra, Partner at Accel Partners has joined the board of Directors of Parallocity.
  • Parallocity creates “Zeus Virtual Machine”, world’s first and most comprehensive concurrency defect detection technology for multi-core and multi-processor systems.

Parallocity, a leading software company which develops high performance runtime program analysis and defect detection frameworks announced that it has closed Series A round of funding from venture capital firm Accel Partners. Subrata Mitra, Partner at Accel Partners, has also joined the board of directors of Parallocity.

“We are extremely pleased to have a top tier Venture Capital firm like Accel lead our Series A round," said Shekhar Ambe, President and CEO of Parallocity. "Parallocity is at an exciting point having successfully deployed our core products and achieved broad acceptance in the customer base. Accel's rich and diverse experience in helping build successful companies will be invaluable in helping Parallocity grow into a highly profitable, market leader."

Parallocity is already aligned with fortune 500 customers in the networking, storage, security, and embedded markets. Parallocity’s breakthrough technology, Zeus Virtual Machine, is a dynamic /runtime software program analysis and defect detection technology that illuminates complex problems in the areas of concurrency, memory errors, and memory leaks. By empowering software developers and quality engineers find complex software errors with ease, Parallocity is paving way for next generation of software applications which take full advantage of the computing capabilities of state-of-the-art multi-core/ multi-processor platforms.

“Parallocity houses an exceptional team delivering the next generation of capabilities in complex program analysis,” said Subrata Mitra, Accel Partners. "Investment in Parallocity is in-line with Accel's mission to partner with companies that are truly path-breaking. We commit Accel's global network of resources to help Parallocity scale quickly and realize its true potential."

About Accel Partners

Founded in 1983, Accel Partners has a long history of excellence and innovation in the venture capital business and is dedicated to partnering with outstanding entrepreneurs and management teams to build world-class companies. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, California; London, UK; and Bangalore, India; as well as in China via the IDG-Accel Partnership. With over $6 billion under management, Accel has helped entrepreneurs build over 300 successful category-defining companies.

For more information, visit the Accel Partners web site at www.accel.com

About Parallocity

Parallocity Inc.'s innovative software solutions are designed to address defect detection needs of software engineers worldwide. Founded in 2007, Parallocity is the creator of Zeus Virtual Machine, world’s first & most comprehensive concurrency defect detection technology for multi-core/ multi-processor systems. In addition to concurrency defects, it helps engineers detect wide range of memory errors in software programs of all sizes. Parallocity is privately held and backed by Accel Partner & Scenic Capital. Parallocity is headquartered in Sunnyvale, California with a Product Engineering Center in Bangalore, India.

For more information about the company and its innovations, please visit www.parallocity.com.

( This is a press release )

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