GridGain Closes Oversubscribed Series B Funding Round

Dec. 22 — GridGain Systems, provider of enterprise-grade in-memory computing solutions based on Apache Ignite, has announced the close of its oversubscribed Series B funding round with a $4 million strategic investment from a multibillion-dollar global telecommunications company, as well as a sub-$1 million investment from Broadway Angels. The investments close the Series B financing round announced in February of this year, bringing the total Series B funding to $16.3 million. The additional funds will be used to continue expanding the company’s global sales and marketing efforts and to increase investment in research and development. GridGain Systems has averaged triple-digit annual sales growth during the past three years, recently expanded into Europe, and made successful inroads in financial services, fintech, software, ecommerce, retail, online business services, healthcare, telecom and other major sectors.

“We are delighted to have closed the remainder of our oversubscribed Series B funding round, which we will use to accelerate our investments in sales, marketing, and research and development,” said Abe Kleinfeld, President and CEO of GridGain Systems. “This closing of our Series B funding round, our new customers and partnerships, and continuing industry accolades all validate that we are developing the right technology at the right time and successfully executing on all our key metrics.”

Based on Apache Ignite, the GridGain in-memory computing platform enables massive scale-out of data-intensive applications and a 1,000x improvement in performance versus disk-based approaches without replacing the existing underlying databases. It provides high-speed transactions with ACID guarantees, real-time streaming, and real-time analytics in a single, comprehensive data access and processing layer. GridGain 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 grid. The GridGain In-Memory Data Fabric requires minimal or no modifications to the application or database layers for architectures built on RDBMS, NoSQL or Apache Hadoop databases.

As the in-memory computing market continues to grow at over 33 percent per year, GridGain Systems has also established itself as the industry’s thought leader via stewardship of industry-wide programs such as the In-Memory Computing Summit conferences and the In-Memory Computing Planet website.

About GridGain

GridGain Systems is revolutionizing real-time data access and processing by offering enterprise-grade in-memory computing solutions built on Apache Ignite. GridGain solutions are used by global enterprises in financial, software, ecommerce, retail, online business services, healthcare, telecom and other major sectors. GridGain solutions connect data stores (SQL, NoSQL, and Apache Hadoop) with cloud-scale applications and enable massive data throughput and ultra-low latencies across a scalable, distributed cluster of commodity servers. GridGain is the most comprehensive, enterprise-grade in-memory computing platform for high volume ACID transactions, real-time analytics, and hybrid transactional/analytical processing (HTAP). For more information, visit gridgain.com.

Source: GridGain