GridGain Systems Raises $15 Million in Financing Round

GridGain Systems has announced that it has raised $15 million in a Sberbank and MoneyTime Ventures-led Series B financing round. Almaz Capital and RTP Ventures also participated in the round.
According to the press release:

Victor Orlovski, General Partner at MoneyTime Ventures, will also join the GridGain board of directors. The funding round will be used to expand sales, marketing and R&D, and to fuel GridGain’s continued international growth. Through its participation in the Apache® Ignite™ open source project, GridGain owns a strong leadership position in the in-memory computing market, which Gartner expects to grow to $10 billion by 2019.
“This funding round reflects GridGain’s tremendous sales growth and solid execution during the past three years,” said 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.”

Click here to read the full press release.