GridGain Raises $15 Million in Series B Financing
FOSTER CITY, Calif., Feb. 18 -- GridGain Systems, provider of the enterprise-grade In-Memory Data Fabric based on Apache Ignite, announced today it has raised $15 million in Series B financing led by Sberbank and MoneyTime Ventures, with the participation of Almaz Capital and RTP Ventures. Victor Orlovski, General Partner at MoneyTime Ventures, will also join the GridGain board of directors. The funding round will be used to expand sales, marketing and R&D, and to fuel GridGain's continued international growth. Through its participation in the Apache Ignite open source project, GridGain owns a strong leadership position in the in-memory computing market, which Gartner expects to grow to $10 billion by 2019.
"This funding round reflects GridGain's tremendous sales growth and solid execution during the past three years," said Abe Kleinfeld, President and CEO of GridGain. "It also acknowledges the rapid market shift from traditional disk and flash-based storage to high-speed, high-scale in-memory computing architectures, and the emergence of the converged data platform. GridGain has averaged triple-digit annual sales growth during the past three years, recently expanded into Europe, and made successful inroads in financial services, tech and other verticals. This funding will enable us to accelerate our momentum and extend our market leadership."
Launched in 2010, GridGain provides the In-Memory Data Fabric, a proven enterprise-grade software platform based on the Apache Ignite open source project. The software delivers unprecedented speed and unlimited scale to accelerate business and time to insights. The In-Memory Data Fabric enables high-performance transactions that run up to 1,000X faster than disk-based approaches. It also provides real-time streaming and fast analytics in a single, comprehensive data access and processing layer. The solution powers existing and new applications in a distributed, massively parallel architecture on affordable, industry-standard hardware, which can be easily scaled by adding more nodes to the compute grid. In 2015, GridGain was selected by AlwaysOn as an "AlwaysOn Global 250 Winner," and was named a "Trend-Setting Product in Data and Information Management for 2016" by Database Trends and Applications.
"Data has evolved into the new asset of a modern enterprise, and the ability to mine this data rapidly and intelligently is a sum of the platform and individual competencies," said Andrey Khlyzov, Senior Vice President at Sberbank and a major GridGain customer. "GridGain has enabled us to acquire unique expertise and co-develop a market-winning platform."
Victor Orlovski, General Partner at MoneyTime Ventures and GridGain board member, added, "We are very excited about this market and the opportunity to invest in GridGain, which has already demonstrated industry and market leadership and established a very impressive international presence."
About GridGain
GridGain is revolutionizing real-time data access and processing by offering the enterprise-grade In-Memory Data Fabric built on Apache Ignite. The solution is used by global enterprises in financial, tech, retail, healthcare and other major sectors. GridGain solutions connect traditional and emerging data stores (SQL, NoSQL, and Hadoop) with cloud-scale applications and enable massive data throughput and ultra-low latencies across a scalable cluster of commodity servers. A converged data platform, GridGain In-Memory Data Fabric offers the most comprehensive, enterprise-grade in-memory computing solution for high-volume transactions, real-time analytics and hybrid data processing. The company is funded by Almaz Capital, MoneyTime Ventures and RTP Ventures. For more information, visit gridgain.com.
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Source: GridGain
