Parascale, a provider of cloud storage targeting the media industry, has raised an $11.37 million first round from Charles River Ventures and Menlo Ventures. The company will use the funding to launch its Parascale Cloud Storage application. The Cupertino, CA-based company is targeting such applications as video-on-demand, digital document archiving, as well as various technical media services. CEO Sajai Krishnan was previously at NetApp. Given the explosion in infrastructure demands caused by rich online media, this is a particularly hot area. Amazon (NSDQ: AMZN), of course, has a well known cloud storage efforts, while Google (NSDQ: GOOG) and Microsoft (NSDQ: MSFT) are also deeply interested. Release.