December 06, 2011
Innovative cloud-based software middleware provider receives financing led by RTP Ventures
FOSTER CITY, Calif., Dec. 6 — GridGain, the leader in high performance cloud computing and real time big data processing, today announced that it has closed a $2.5 million Series A round of financing led by RTP Ventures. The company will use the new funding to accelerate growth, continue innovation in real time big data processing, and expand its global market share.
Kirill Sheynkman, managing director, RTP Ventures, said: "The real-time need to process big data is here, and it's getting bigger with every tweet, like, and NFC wave. By uniquely combining compute and in-memory data grids into a scalable, real-time platform, GridGain takes web-scale data analytics beyond ETL-like Hadoop scripts into the modern world. With a solid technological foundation, GridGain lets businesses stem the swelling information tide, and enables them to make real-time decisions according to their rules without breaking the bank for refrigerator-sized data appliances. The investment rationale is simple: lucrative and growing market, unique company-created technology, and a smart founding team that proved they can build product before asking for money – that's RTP's strike zone."
Salil Deshpande, general partner, Bay Partners, said: "It's been a joy to be involved in the company's progress over the last three years, and see the creation of the only middleware platform to provide integration between compute and in-memory data grid technologies. I'm excited for the opportunities GridGain will have going forward."
Nikita Ivanov, founder and CEO, GridGain, said: "The funding we received in our Series A round is a strong endorsement of GridGain's market opportunities and the high growth potential for companies focused on enabling real time live data processing and analytics. The GridGain team has executed exceptionally well to-date and I am excited to have the resources to accelerate the growth of the company as we expand our operations."
About RTP Ventures
RTP Ventures is the US arm of ru-Net Holdings, one of the largest internet and technology investors in Russia. ru-Net portfolio hits include Ozon and Yandex. With approximately $700M under management, RTP plans on actively investing in software companies in the United States focusing on Cloud Computing, Software as a Service, and Internet Infrastructure technologies. RTP is led by Kirill Sheynkman, a serial Entrepreneur and experienced Venture Capitalist based in New York City. Find our more at http://www.rtp.vc.
GridGain Systems Java-based open source middleware platform allows companies to harness live data for smarter, faster real time processing and analytics. GridGain software is used by companies who see real time big data as a strategic asset. It provides unique integration between compute and in-memory data grid technologies and scales up from a single server to thousands of machines. With tens of thousands of downloads and hundreds of deployments, GridGain software starts every 10 seconds around the globe today. Founded in 2005, GridGain is headquartered in Foster City, California. More information about GridGain is available at http://www.gridgain.com/.
Source: GridGain Systems
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