PeakStream secures $17 Million in Equity Funding

Foundation Capital joins Kleiner Perkins Caufield & Byers and Sequoia Capital as company investors

PeakStream Inc., a leading software application platform provider for the high performance computing market, recently announced it has raised a total of $17 million of equity funding from Kleiner Perkins Caufield & Byers, Sequoia Capital and Foundation Capital.

The completion of Series B funding allows PeakStream to expedite the introduction of its breakthrough platform. The PeakStream Platform makes it possible to easily program new high performance processors such as multi-core CPUs, graphics processor units (GPUs) and Cell processors, converting them into radically powerful computing engines for exponentially increased application performance and decreased time-to-solution at reduced cost. The PeakStream Platform enhances the productivity and efficiency of technical computing in the oil and gas, financial services, defense and scientific research markets.

Foundation Capital leads this round of funding, joining the firm’s existing investors, Kleiner Perkins Caufield & Byers and Sequoia Capital, who provided initial funding in the beginning of last year. PeakStream also announced that Matt Murphy, partner of Kleiner Perkins Caufield & Byers, Jim Goetz, partner of Sequoia Capital and Adam Grosser, partner of Foundation Capital, have joined PeakStream’s board of directors.

“We are delighted to have venture capitalists of this caliber help us build the company,” said Neil Knox, CEO and president of PeakStream. “We plan to strategically grow the company and the technology so we can deliver a robust software platform that maximizes the performance advantages of a new generation of industry standard multi-core processors with an easy to use programming platform.”

As a new generation of highly parallel processors comes to market, engineers and scientists struggle with new programming models. The PeakStream Platform delivers the industry’s first software application platform to program these high performance processors easily and productively. PeakStream technology enables users to achieve unmatched performance and reduced development time for computationally intensive applications critical to oil and gas exploration, financial services, defense and intelligence and other data-dependent industries.

“During the last decade, the computer industry has standardized on processors,” said Matt Murphy, partner of Kleiner Perkins Caufield & Byers. “As everything from GPUs to multi-core CPUs become increasingly parallel, and increasingly difficult to program, there is a need for a new software platform to unlock their potential power. PeakStream will redefine the high performance computing market by offering the first application platform for the next generation of processors that allows developers to supercharge their high performance applications.”

“We believe that PeakStream will change the way processors are programmed,” said Adam Grosser, partner of Foundation Capital. “PeakStream has the management team, the technology expertise and market position to solve the classic challenges of parallel programming.”