Wells Fargo Invests in Splice Machine Through Startup Accelerator Program
Wells Fargo Invests in Splice Machine Through Startup Accelerator Program Nov 2015
Selected from hundreds of applicants, San Francisco-based company will receive guidance from one of the world's largest banks on how to commercialize and market its Hadoop RDBMS to the financial service industry
SAN FRANCISCO, Nov. 5, 2015 /PRNewswire/ -- Splice Machine, provider of the Hadoop RDBMS, today announced that it is one of only three startups selected this fall for the Wells Fargo Startup Accelerator program. During the six-month, hands-on Startup Accelerator program, Wells Fargo mentors will provide guidance to Splice Machine and connect it with business and tech leaders inside the bank who are looking to solve real problems and explore new opportunities by potentially buying the Splice Machine Hadoop RDBMS. Wells Fargo is also investing in the company as part of the program.
"We are proud to be selected for the Wells Fargo's Accelerator Program," said Monte Zweben, co-founder and CEO, Splice Machine. "It supports the Splice Machine RDBMS value proposition to the financial services industry, which needs to manage rapidly growing data to make faster, more data-driven decisions in the moment."
The Wells Fargo Startup Accelerator is designed to explore innovation and big ideas in areas such as cybersecurity, big data, mobile, robotics, wearables, payments, and infrastructure – with innovators outside Wells Fargo and financial services for the future benefit of the bank's customers.
"We're excited to be investing in Splice Machine through our Startup Accelerator," said Steve Ellis, head of Wells Fargo's Innovation Group. "This start-up offers a solution to synthesizing and acting on big data insights at a significantly lower cost than other options, making it a particularly interesting technology for financial services."
A next-generation database, Splice Machine's Hadoop RDBMS is 5-to-10 times faster at one-fourth the cost of traditional databases like Oracle and MySQL. Wells Fargo's investment adds to the $22 million Splice Machine has raised through Series A and B rounds of funding.
About Splice Machine
Splice Machine's Hadoop RDBMS is designed to scale real-time applications using commodity hardware without application rewrites. The Splice Machine database is a modern, scale-out alternative to traditional RDBMSs, such as Oracle®, MySQL™, IBM DB2® and Microsoft SQL Server®, that can deliver over a 10x improvement in price/performance. As a full-featured Hadoop RDBMS with ACID transactions, the Splice Machine database helps customers power real-time applications and operational analytics, especially as they approach Big Data scale.