GridGain Raises $15 Million Financing

Date 2016/2/23 9:42:21 | Topic: Company News

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.



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