Series B Financing, Product Updates and Major Industry Awards Demonstrate Strong Momentum for In-Memory Data Fabric Company
FOSTER CITY, Calif. – July 12, 2016 – GridGain Systems, provider of enterprise-grade in-memory computing platform solutions based on Apache® Ignite™, today highlighted its continuing strong momentum during the first half of 2016. Key achievements during the period include tripling sales in the first half of 2016 vs. the first half of 2015, announcing the close of a $15 million Series B financing, releasing a major product update, hosting a successful second annual In-Memory Computing Summit, and being selected as a Red Herring Top 100 North America winner.
“GridGain’s team continues to execute at the highest levels,” said Abe Kleinfeld, President and CEO of GridGain. “Our customers continue to be extremely happy about the performance and productivity gains they have achieved from the use of our products, and users have clearly acknowledged the timeliness, necessity, and quality of our solutions. I look forward to an even brighter second half of the year as we bring on new customers and partners and introduce new in-memory computing solutions.”
- GridGain sales grew more than 200 percent in the first half of 2016 compared to the same period last year.
- The company announced the close of a $15 million Series B financing led by MoneyTime Ventures with the participation of Almaz Capital and RTP Ventures. Victor Orlovski, General Partner at MoneyTime Ventures, joined the GridGain board of directors. The funding round is being used to expand sales, marketing and R&D, and to fuel GridGain’s continued international growth.
- GridGain grew its staff by 50 percent, including the addition of Eoin O’Connor as chief financial officer and Terry Erisman as vice president of marketing.
Products and Services
- GridGain released GridGain Enterprise Edition 7.5, increasing the speed and scalability of its In-Memory Data Fabric. Key features of the release included a massive performance improvement with most cache operations and SQL queries up to two times faster than the previous version, deadlock-free transactions that eliminate concerns over lock ordering and deadlocks, support for OSGI containers, integration with popular open source projects such as Apache Camel and Apache Flume, and more.
- The company announced the availability of GridGain Professional Edition 1.6. The latest version adds native support for Apache® Cassandra™, a new ODBC driver, deadlock-free transactions, and the availability of a new hosted web management console. These features enable easy integration with data analytics tools, provide enhanced performance, offer access to a new web-based configuration and management tool for GridGain and Apache Ignite deployments, and add significant database performance improvement for Cassandra users.
- GridGain released a support offering for Apache® Ignite™ that includes a subscription to the GridGain Professional Edition.
- GridGain hosted the second annual two-day In-Memory Computing Summit in May at the Grand Hyatt San Francisco. This year’s event was nearly double the size of last year’s, with nearly 400 registered attendees from 11 countries and support from 22 sponsors. The event featured five keynote addresses, six innovation presentations, and 24 breakout sessions from speakers representing companies such as Target, Barclays, Workday, Intel, and Oracle. Videos of the presentations are available on the Video tab of the In-Memory Computing Summit website.
- GridGain was selected as a Red Herring Top 100 North America winner for 2016.
- The company won two Bronze Stevie® awards in the 14th Annual American Business Awards℠ for “Company of the Year - Computer Software - Up to 500 Employees” and “New Product or Service of the Year - Software – Other.”
- The company was also included in the DBTA 100 2016 – The Companies That Matter Most in Data.
GridGain is revolutionizing real-time data access and processing by offering enterprise-grade in-memory computing solutions built on Apache® Ignite™. GridGain solutions are used by global enterprises in financial, ecommerce, retail, online business services, healthcare, telecom and other major sectors. GridGain solutions connect data stores (SQL, NoSQL, and Apache Hadoop) with cloud-scale applications and enable massive data throughput and ultra-low latencies across a scalable cluster of commodity servers. A converged data platform, the GridGain In-Memory Data Fabric offers the most comprehensive, enterprise-grade in-memory computing solution for high-volume transactions, real-time analytics and hybrid data processing. The company is funded by Almaz Capital, MoneyTime Ventures and RTP Ventures. For more information, visit gridgain.com.
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GridGain is a trademark or registered trademark of GridGain Systems, Inc. Apache, Apache Cassandra, Cassandra, Apache Hadoop, Hadoop, Apache Ignite, Ignite, Apache Spark, and Spark are trademarks of The Apache Software Foundation. All other product and company names herein may be trademarks of their registered owners.