GridGain gets US $10 mln series B funding
GridGain Systems acquired US $10 million from a series B venture funding led by global venture capital firm Almaz Capital. RTP Ventures, one of Russia's biggest internet and technology investors, also participated in the round.
The California-based company will be using the funds to finance marketing and sales efforts. It will also be used for the development of a new product that will fulfill the increasing need for In-Memory Computing (IMC) among big data environments.
"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 Almaz Capital's managing partner Geoff Baehr. "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."
Apart from its new capital, GridGrain also said in a company statement that Baehr will be joining the company's board.