"This funding round reflects GridGain's tremendous sales growth and solid execution during the past three years", stated 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", stated 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."