Cupertino, CA (PRWEB) July 10, 2014
ParStream, the fastest real-time database for Big Data analytics, announced it was the grand prize winner of the Silicon Valley Open Innovation Challenge. The challenge, which was supported by Nokia Growth Partners, Nokia Technologies and the Telecom Council of Silicon Valley, presented an opportunity to collaborate on innovation and ideas that will transform the telecommunications industry.
Ninety submissions for the Open Innovation Challenge entries were reviewed and voted on by a jury of 70 judges, comprised of members from Nokia Growth Partners, Nokia experts, consultants and customers, and external innovation experts.
“Our approach is to create a platform, orchestrate the ecosystem and build partnerships to co-create, accelerate and perhaps even disrupt the wireless industry,” said Hossein Moiin, executive vice president and CTO for Nokia Networks. “Great innovation takes openness, collaboration and multi-disciplinary experts working together on big ideas to solve big challenges.”
The top seven finalists presented their innovative technology to key decision makers at Nokia, Nokia Growth Partners, operators, analysts and press. Alongside the remarkable competition from companies across the world, ParStream's one-of-a-kind database stood out. ParStream won due to its immediate insights from massive, continuously growing amounts of data rooted in unique, patented algorithms.
ParStream was awarded as grand prize winner, for its disruptive database technology that processes extreme volume and velocity of big data faster than the speed of light. ParStream provides immediate insights from massive, continuously growing amounts of data, based on unique, patented algorithms, and enables new types of applications in e-commerce, telco, finance, retail and many other industries.
“Nokia Networks is leading the way in identifying cutting-edge innovation to disrupt their industry and obtain a competitive advantage. We look forward to working with the company and their customers on groundbreaking solutions that analyze the massive and rapidly growing amounts of data being generated from wireless networks,” said Peter Jensen, CEO of ParStream.
ParStream helps businesses gain immediate insights into their data. As the leading provider of real-time databases, ParStream powers Big Data analytics on the massive amounts of data businesses collect daily. The award winning, breakthrough technology enables ultra-fast, flexible analytics of stored and streaming data. The ParStream Real-time Database is used worldwide in e-commerce, telecommunications, finance, advertising, retail, and mining. Based in Cupertino, Calif., ParStream has been awarded “#1 Big Data Startup” by CIO Magazine, recognized as a “Cool Vendor” in the Advancing Data Management Maturity report by Gartner, and was named “Trend-setting Products in Data of 2014” by Database Trends and Applications. For more information, visit http://www.ParStream.com.
To keep up-to-date with the latest industry trends, insights, and perspectives from ParStream, follow us on Twitter @ParStream.
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