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GridGain Secures $10 Million in Series B Funding

GridGain Systems today announced a closing of $10 million in Series B venture financing. The round was led by new investor Almaz Capital, a global venture capital firm, with continued participation from previous investor RTP Ventures, the U.S. arm of ru-Net Holdings and one of the largest internet and technology investors in Russia.

"GridGain is addressing a real need in a rapidly growing big data market. Due to this market growth, the company is making tremendous traction," said Geoff Baehr, Managing Partner, Almaz Capital. "Almaz Capital's goal has always been to seek and build long-term partnerships with passionate entrepreneurs who are eager to make a difference. GridGain's management team has proven experience in In-Memory Computing as well as the vision and drive to transform the industry."

This new capital will be used to rapidly expand sales, marketing and new product development to meet the growing need for In-Memory Computing (IMC) in big data environments. GridGain also announced that Geoffrey Baehr has been added to the company's board joining RTP Ventures.

"During the next two to three years, In-Memory Computing will become a key element in the strategy of organizations focused on improving effectiveness and business growth. Organizations looking for cost containment and efficiency will also increasingly embrace IMC," said Massimo Pezzini, Vice President and Fellow, Gartner. "In-memory will have an industry impact comparable to web and cloud."

GridGain was founded by Nikita Ivanov, a seasoned technologist and pioneer in using Java for high performance computing, and distributed computing expert Dmitriy Setrakyan. The company develops software for businesses that see real-time big data processing as a strategic asset. With a comprehensive, proprietary in-memory data platform, GridGain provides unique integration between in-memory data and compute-grid technologies and can scale up from a single server to thousands of machines to handle terabytes of data in real time.

"Investors such as RTP Ventures and Almaz Capital, which appreciate the new frontier of big data will help GridGain increase its market reach and penetration," said CEO Nikita Ivanov. "This round of financing will enable us to aggressively invest in our products and go-to-market strategies, and is a testimony to the confidence that investors have in our company being able to capitalize on the market opportunity."

Published Tuesday, July 30, 2013 6:50 AM by David Marshall
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