Big data software firm GridGain has raised USD10m in funding led byAlmaz Capital, with further participation from existing investor RTP Ventures. GridGain says the financial backing will be used to strengthen marketing and product development. The company’s headquarters are based in California, although its research offices are in Russia.
GridGain’s technology is designed to provide real-time computing power for analysing large amounts of data. The platform uses in-memory computing to handle multiple processors, which speeds up the process because it splits computing tasks into small sub-tasks that can be managed separately.
“During the next two to three years, In-Memory Computing will become a key element in the strategy of organizations focused on improving effectiveness and business growth. Organizations looking for cost containment and efficiency will also increasingly embrace IMC,” said Massimo Pezzini, vice president and fellow, Gartner. “In-memory will have an industry impact comparable to web and cloud.”
“This round of financing will enable us to aggressively invest in our products and go-to-market strategies, and is a testimony to the confidence that investors have in our company being able to capitalize on the market opportunity.” He continued.
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