GridGain Raises $15 Million in Series B Financing to Further In-Memory Computing

GridGain Systems, a provider of an in-memory data fabric based on Apache Ignite, has raised $15 million in Series B financing led by Sberbank and MoneyTime Ventures, with the participation of Almaz Capital and RTP Ventures.

Citing market estimates that the in-memory computing market will grow to $10 billion by 2019, the company says this funding round will be used to expand sales, marketing, and R&D, and to fuel GridGain's continued growth.

The funding round is an "acknowledgement" of the "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,” said Abe Kleinfeld, president and CEO of GridGain.  

Launched in 2010, GridGain provides an in-memory software platform based on the Apache Ignite open source project. According to the vendor, the platform enables high-performance transactions that run up to 1,000X faster than disk-based approaches, and also provides real-time streaming and fast analytics in a comprehensive data access and processing layer. Supporting applications in a distributed, massively parallel architecture on industry-standard hardware, the system can be scaled by adding more nodes to the compute grid.

For more information about GridGain, which was named a "Trend-Setting Product in Data and Information Management for 2016" by Database Trends and Applications, go here